May 6, 2010 / 11:55 AM / in 7 years

UPDATE 1-QLT first-quarter profit more than doubles

* Q1 EPS $0.06 vs $0.02 yr ago

* Q1 revenue up 16.4 pct

May 6 (Reuters) - Canadian eye-care company QLT Inc’s QLT.TO QLTI.O quarterly profit more than doubled, primarily driven by a non-cash income tax recovery.

For the first quarter, the company reported a net income of $3.4 million, or 6 cents a share, compared with $1.3 million, or 2 cents a share, a year earlier.

Total revenue rose 16.4 percent to $13.7 million.

The company attributed its improvement in profit to a $5.6 million non-cash income tax recovery related to an amendment of Visudyne agreement with marketing partner Novartis. Visudyne is QLT’s treatment for vision loss in seniors.

Worldwide Visudyne product sales for the quarter fell 23.3 percent to $21.3 million, the company said in a statement.

Shares of the Vancouver, British Columbia-based company closed at C$6.40 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)

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