October 30, 2009 / 12:56 PM / 9 years ago

UPDATE 1-GLG Life Tech Q3 profit beats estimates

* Q3 EPS C$0.02 vs est C$0.00

* Q3 rev C$14.8 mln vs. C$3.3 mln last yr

* Cuts 2009 rev outlook

Oct 30 (Reuters) - Canada’s GLG Life Tech Corp (GLG.TO) reported a better-than-expected quarterly profit helped by increased demand for its natural sweetener products, new purchase orders, and delivery against current order backlog.

However, the company lowered its revenue outlook for the full year to C$44 million ($41.31 million) to $53 million, from C$50 million to C$60 million, citing the appreciation of the Canadian dollar against the U.S. dollar.

GLG Life — which supplies Stevia, a natural, zero-calorie sweetener used in food and beverages — reported a net income of C$1.4 million, or 2 Canadian cents a share for the third quarter, compared with a net loss of $0.9 million, or 1 Canadian cent a share, reported a year-ago.

Revenue rose to C$14.8 million, up from C$3.3 million in the year ago quarter.

Analysts, on average, were expecting break-even earnings, before special items, on revenue of C$14.91 million, according to Thomson Reuters I/B/E/S.

The company raised its full year 2009 capital expenditure forecast by C$5 million to a range of C$28 million to C$30 million.

Shares of GLG closed at C$2.78 Thursday on the Toronto Stock Exchange. ($1=1.065 Canadian Dollar) (Reporting by Amit Kumar in Bangalore; Editing by Hezron Selvi)

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