August 4, 2010 / 8:57 PM / 8 years ago

UPDATE 1-Webtech Wireless Q2 loss widens on higher expenses

* Q2 rev up 33 pct to C$9.6 mln

Aug 4 (Reuters) - WebTech Wireless Inc WEW.TO, a provider of vehicle tracking systems, posted a wider quarterly net loss on higher expenses and a decline in gross margins.

For the quarter ended June 30, the company posted net loss of C$1.5 million ($1.48 million), or 2 Canadian cents a share, compared with net loss of C$169,000, or a breakeven per share, a year ago.

Revenue for the quarter rose 33 percent to C$9.6 million.

Analysts on average were expecting the company to break even on earnings per share, and post revenue of C$12.04 million, according to Thomson Reuters I/B/E/S.

Expenses were up 60 percent at C$6.95 million. Gross margins for the quarter were 50.88 percent, down from 62.30 percent a year ago.

Shares of the company closed at 43 Canadian cents Wednesday on the Toronto Stock Exchange. ($1=1.017 Canadian Dollar) (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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