August 13, 2009 / 9:27 PM / 8 years ago

UPDATE 1-WebTech Wireless posts narrower Q2 loss

* Q2 loss C$169,000 vs C$2.4 mln yr ago

* Revenue up 50 pct

Aug 13 (Reuters) - WebTech Wireless Inc WEW.TO, a provider of vehicle-tracking systems, posted a narrower quarterly loss as its revenue surged 50 percent and expenses fell.

For the second quarter ended June 30, the company reported a net loss of C$169,000, or breakeven a share, compared with a net loss of C$2.4 million, or 4 Canadian cents a share, for the quarter ended July 31, a year ago.

However, the company’s quarterly revenue rose to C$7.2 million from C$4.8 million a year ago, helped by U.S. sales and recognition of a one-time software license sale.

Analysts on average were expecting earnings of 1 Canadian cent a share, before special items, on revenue of C$8.7 million, according to Reuters Estimates.

The quarterly loss was primarily due to a foreign exchange loss of C$341,000 and a one-time legal fees related to the company’s appeal of a judgment against it in Brazil, WebTech said in a statement.

The company said its expenses for the quarter was C$4.3 million, down 8 percent from last year

Shares of the company closed at C$1.32 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Pradeep Kurup)

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