November 12, 2010 / 12:31 PM / in 8 years

UPDATE 1-GLG Life Q3 profit rises

* Q3 EPS C$0.07 vs C$0.06 last year

* Revenue up 41 pct

Nov 12 (Reuters) - Canadian life sciences company GLG Life Tech Corp (GLG.TO) posted higher third-quarter results, helped by an increase in sales for its Stevia product.

The company — which supplies Stevia, a natural, zero-calorie sweetener used in food and beverages — posted net income of C$1.8 million, or 7 Canadian cents a share, up from C$1.4 million, or 6 Canadian cents a share, last year.

Revenue rose 41 percent to C$21 million.

“This (revenue) increase is due to a substantial increase in sales in China compared to prior periods, when the majority of sales were made in the United States,” the company said in a statement

Analysts on average had forecast the company to earn 5 Canadian cents a share on revenue of C$20.2 million, according to Thomson Reuters I/B/E/S.

GLG Life shares, which have gained 9 percent in value since the company reported second-quarter results in August, closed at C$8.20 on Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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