May 15, 2009 / 12:25 PM / in 9 years

UPDATE 1-GLG Life Tech Q1 loss widens

* Expects stronger demand for stevia products in 2009

* Q1 loss C$0.02/shr vs loss of C$0.01/shr year ago

* Q1 rev rises more than three fold to C$3.0 mln

May 15 (Reuters) - Canada’s GLG Life Tech Corp (GLG.TO) posted a wider quarterly loss, partly due to start-up expenses on its greenfield production facilities in China, and said it expects significant stronger demand for its stevia products in 2009.

GLG Life, which supplies stevia, a natural, zero-calorie sweetener used in food and beverages, reported a first-quarter loss of C$1.5 million, or 2 Canadian cents a share, compared with a loss of C$934,000, or 1 Canadian cent a share, a year ago.

Revenue for the quarter rose to C$3.0 million from C$841,000 a year ago, helped by higher demand and shipments of its high-grade stevia extract products.

The company, which sees revenue of C$50 million to C$60 million for 2009, said its stevia operations are expected to account for 100 percent of revenue growth for the year.

Sales, general and administration expenses for the quarter rose three fold to C$2 million.

Shares of the Vancouver-based company closed at C$1.80 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Vinu Pilakkott)

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