August 4, 2011 / 11:58 AM / in 6 years

UPDATE 1-Labopharm posts profit on licensing sales

TORONTO, Aug 4 (Reuters) - Canadian biotech company Labopharm Inc DDS.TO DDSS.O reported a quarterly profit from continuing operations on Thursday, compared with a loss a year ago.

Its second-quarter earnings from continuing operations were C$2.1 million ($2.2 million), or 3 Canadian cents a share, compared with a loss from continued operations of C$4.8 million, or 7 Canadian cents a share, a year ago.

Revenue rose 81 percent to C$9.8 million as it recognized licensing revenue of C$5.6 million in up front and milestone payments in the quarter. ($1=0.97 Canadian) (Reporting by S. John Tilak; Editing by Derek Caney)

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