Aug 11, 2009 - Canada's GLG Life Tech Corp reported a profit for the second quarter, as revenue of the company jumped ten-fold on increased demand for its natural sweetener stevia products and commissioning of two facilities in China.
For the quarter, the company reported net profit of C$371,000, or breakeven per share, compared with a loss of C$1.6 million, or 1 Canadian cent a share, a year ago.
Revenue rose to C$10.8 million ($9.91 million) from C$1.1 million, a year ago.
Analysts on average expected loss of 1 Canadian cent, excluding items, on a revenue of C$9.13 for the quarter, according to Reuters Estimates.
In March, the company said it was ramping up its production capacity for rebiana to meet a growing demand it sees, especially after the sweetener was approved as a food ingredient in the United States rather than just as a dietary supplement in late 2008.
For the year, GLG Life Tech expects revenue in the range of C$50 million to C$60 million, up from C$9.9 million in 2008.
It also expects to spend between C$20 million or C$25 million for capital expenditure.
Shares of the Vancouver, British Columbia-based company closed at C$2.16 Monday on the Toronto Stock Exchange.
($1=1.090 Canadian Dollar)