UPDATE 1-S.Africa's Group 5 sticks to profit forecast

* CEO says sticks to profit forecast despite crisis

* S.African govt spending to offset slower private sector

* Will be "prudent" on investment decisions

JOHANNESBURG, Oct 23 (Reuters) - South African construction and engineering firm Group Five (GRFJ.J) will stick to its annual profit forecasts as government spending on infrastructure offsets a private sector slowdown, its CEO said on Thursday.

"I think our forecasts remain intact," CEO Mike Upton told Reuters on a sidelines of a media briefing.

"There is more than enough government infrastructure to offset private sector slowdown," Upton told the briefing.

South Africa's private sector spending is slowing but the government is ramping up a huge infrastructure programme meant to stimulate the economy.

Group Five is eyeing growth opportunities in energy projects to be implemented by state power utility Eskom [ESCJ.UL] as well as government plans to build and expand roads, harbours, airports and housing.

However Upton said the company would be "prudent" in its investment decisions, saying: "We need to watch our cash." (Reporting by Gugulakhe Lourie)