(Corrects names of Indian company, coal project in paragraph 4)
MELBOURNE, Aug 17 (Reuters) - Aurizon Holdings AZJ.AX , Australia's top coal hauler, raised its dividend payout ratio well above expectations after reporting a 15 percent rise in profit on Monday, with growth opportunities limited by a slump in coal and iron ore markets.
Underlying net profit rose to A$604 million ($445 million) for the year to June, in line with analysts' forecasts for a net profit of A$602 million, according to Thomson Reuters I/B/E/S, underpinned by cost cuts.
The rail transport group raised its final dividend by 64 percent to 13.9 cents a share, and decided to increase its payout ratio to between 70 and 100 percent as it won't be committing to any growth projects until late in calendar 2016.
Aurizon invested in the West Pilbara Iron Ore project last year with China's Baosteel before iron ore prices plunged and is also looking to build a rail line for Indian group GVK's Alpha coal project, which is on hold.
"The external environment will continue to provide challenges," Chief Executive Lance Hockridge said in a statement, adding that the company is still looking to expand in the long run.
Aurizon said it expects coal volumes in the year to June 2016 to be flat at around 210 million to 220 million tonnes. ($1 = 1.3569 Australian dollars)