May 16, 2011 / 11:06 AM / 7 years ago

UPDATE 1-GLG Life Tech posts wider Q1 loss on higher costs

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May 16 (Reuters) - Canadian sweetener maker GLG Life Tech Corp posted a wider first-quarter loss on higher costs.

The company — which supplies Stevia, a natural, zero-calorie sweetener used in food and beverages — said net loss for the January-March quarter was C$6 million, or 20 Canadian cents a share, compared with loss of C$1.4 million, or 5 Canadian cents a share, a year ago.

Revenue fell 10 percent to C$7.4 million.

Cost of sales rose 24 percent to C$6.2 million, while selling, general and administrative expenses nearly doubled to C$5.7 million.

Vancouver, British Columbia-based GLG Life’s shares closed at C$9 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Jarshad Kakkrakandy)

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