UPDATE 3-SNC Lavalin profit falls less than expected, shares up

Fri Nov 2, 2012 5:47pm EDT
 
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* Maintains full-year forecast

* Mining, better execution boost earnings

* Revenue up 11 pct, though backlog dips

* SNC under new CEO since Oct. 1

* CEO says will unveil strategy by May 2013

By Nicole Mordant

Nov 2 (Reuters) - Canadian construction and engineering company SNC Lavalin Group Inc, under investigations for alleged bribery, on Fr iday reported a narrower-than-expected 8 percent decline in third-quarter profit, and its shares rose nearly 5 percent.

One of the world's largest engineering operations, the company maintained its forecast for full-year earnings after cutting it last quarter.

"We are quite encouraged and relieved," said Frederic Bastien, an analyst with Raymond James based in Vancouver. "The fact that they are reaffirming their guidance for the year implies a good quarter for the fourth quarter."   Continued...