UPDATE 1-Seacliff Construction Q3 profit falls 22 pct

* Q3 EPS C$0.20 vs C$0.25 last year

* Revenue up 3 pct to C$147 mln

* Total work on hand falls to C$535 mln at qtr end

Nov 9 (Reuters) - Canada's Seacliff Construction Corp (SDC.TO) posted a 22 percent fall in quarterly profit as total work on hand declined, partly due to schedule delays on government-funded stimulus work.

The recent tightening of credit markets and the subsequent slowdown in the initiation of new construction projects have led to increased competition, the company said.

Net income for the third quarter fell to C$4.2 million, or 20 Canadian cents a share, from C$5.4 million, or 25 Canadian cents a share, last year.

On an adjusted basis, the construction company earned C$6.1 million, or 29 Canadian cents a share. Consolidated revenue rose 3 percent to C$147 million ($139.3 million).

Analysts on average expected the company to earn 33 Canadian cents a share on revenue of C$151.2 million, according to Thomson Reuters I/B/E/S.

Seacliff said total work on hand was C$535 million at Sept. 30, compared with C$647 million at Dec. 31, 2008.

Seacliff shares, which have gained more than 25 percent in the past three months, closed Monday at C$10 on the Toronto Stock Exchange. ($1=1.055 Canadian dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Deepak Kannan)