October 26, 2010 / 3:11 PM / 7 years ago

UPDATE 1-GLV's European water treatment units post qtrly losses

* Says two divisions posted $8.5 mln oper loss

* Cites higher costs, incomplete contracts

* Shares fall 3 percent

Oct 26 (Reuters) - Canada’s GLV Inc’s GLVa.TO two European units of its Water Treatment Group posted quarterly operating loss of $8.5 million, partly hurt by higher costs in completing certain contracts, sending its shares down 3 percent.

GLV, which makes plant equipment for water treatment and pulp and paper production, said its United Kingdom division incurred a $7.1 million operating loss before amortization for the quarter ended Sept. 30, hurt by reassessment of costs.

The company said approval processes, order booking controls and cost estimations were being reassessed for the entire corporation.

Another European division posted a loss of $1.4 million, as it could not complete existing municipal contracts before GLV bought and privatized Austria’s Christ Water Technology in June this year.

Shares of the Montreal, Quebec-based GLV, which have lost nearly a fourth of their value in the last six months, fell 26 Canadian cents to trade at C$7.22 Tuesday morning on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Vyas Mohan)

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