August 9, 2010 / 11:30 AM / 8 years ago

UPDATE 1-GLG Life Tech posts Q2 loss as expenses rise

* Q2 loss C$0.01/shr vs EPS C$0.02 yr ago

* Rev down 3 pct

* Sees 2010 rev of C$70 mln-C$80 mln

Aug 9 (Reuters) - Canadian life sciences company GLG Life Tech Corp (GLG.TO) reported a second-quarter loss, hurt mainly by higher expenses.

For 2010, GLG Life -- which supplies Stevia, a natural, zero-calorie sweetener used in food and beverages -- sees revenue of C$70 million to C$80 million.

It expects 2010 capital expenditure of C$10 million to C$15 million.

    GLG Life reported second-quarter net loss of C$228,000 ($222,200), or 1 Canadian cent a share, compared with net income of C$371,000, or 2 Canadian cents a share, a year ago.

    Revenue fell 3 percent to C$10.5 million as the Canadian dollar strengthened against the U.S. dollar.

    Analysts, on average, were expecting the company to post a loss of 1 Canadian cent a share, on revenue of C$12.7 million, according to Thomson Reuters I/B/E/S.

    General and administrative expenses rose 49 percent to C$3.7 million. Shares of GLG, which recently signed marketing and distribution deal with Sugar Australia, closed at C$7.50 Friday on the Toronto Stock Exchange. ($1=1.026 Canadian Dollar) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)

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