November 5, 2009 / 3:40 PM / in 8 years

UPDATE 1-World Energy Solutions posts narrower Q3 loss

* Q3 loss/shr C$0.08 vs year-ago loss/shr C$0.15

* Q3 rev up 6 pct

* Says to raise up to $2.5 mln via share sale

Nov 5 (Reuters) - World Energy Solutions Inc XWE.TO, an operator of online exchanges for energy and environmental commodities, posted a narrower quarterly loss as the company was able to put a lid on costs.

For the third quarter, the company reported a net loss of C$636,702, or 8 Canadian cents a share, compared with a loss of C$1.2 million, or 15 Canadian cents a share, a year earlier.

Revenue rose 6 percent to C$3.5 million, driven by the company’s retail product line.

Analysts on average were expecting a loss of 10 canadian cents a share, before special items, on revenue of C$3.9 million, according to Thomson Reuters I/B/E/S.

Separately, the company said it will raise up to $2.5 million by selling its common shares to Bond Capital Ltd.

Proceeds from the offering will be used to support growth initiatives, World Energy said..

Shares of the company were trading down 3 percent at C$3.40 Thursday morning on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair)

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