November 12, 2009 / 12:24 PM / in 8 years

UPDATE 1-Lab Research Q3 loss widens

* Q3 loss C$0.09/shr vs C$0.06/shr yr ago

* Q3 revenue down 7 pct

Nov 12 (Reuters) - Canada’s LAB Research Inc LRI.TO posted a wider quarterly loss, hurt by lower revenue at its Danish operations and higher administrative expenses.

The company, which does pharmaceutical research on a contract basis, reported a third-quarter net loss of C$1.7 million, or 9 Canadian cents a share, compared with a net loss of C$1.2 million, or 6 Canadian cents a share, a year ago.

Revenue fell 7 percent to C$13.1 million, weighed down by a 41 percent fall in revenue at its Danish subsidiary Lab Denmark.

Sales and administrative expenses increased about 22 percent to C$3.3 million.

Analysts on average were expecting a loss of 4 Canadian cents, excluding special items, on revenue of C$12.94 million, according to Thomson Reuters I/B/E/S.

Shares of Lab Research, which have shed more than 75 percent in the past one year, closed at 48 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Pradeep Kurup)

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