Canadian stevia supplier GLG Life Tech first quarter loss widens

Vancouver-​based GLG Life Tech Corp posted a wider quarterly loss, partly due to start-​up expenses on its greenfield production facilities in China, and said it expects significantly stronger demand for its stevia products in 2009.

GLG Life, which supplies stevia – a natural, zero-​calorie sweetener used in food and beverages – reported a first-​quarter loss of C$1.5m, or C$0.02 a share, compared with a loss of C$934,000, or C$0.01 a share, a year ago.

Revenue for the quarter rose to C$3m from C$841,000 a year ago, helped by higher demand and shipments of its high-​grade stevia extract products.

The company, which sees revenue of C$50-60m for 2009, said its stevia operations are expected to account for 100% of revenue growth for the year. Sales, general and administration expenses for the quarter rose threefold to C$2m.

Source: GLG Life Tech Corporation

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