VANCOUVER, B.C. — Third-quarter sales for GLG Life Tech Corp. jumped 133% behind a mix of stevia extracts, monk fruit extracts and sales of other natural ingredient products. Sales of $8.8 million in the quarter ended Sept. 30 compared with $3.8 million in the third quarter of the previous year.
Vancouver-based GLG Life Tech Corp. still experienced a loss in the quarter ($5.9 million), but it marked an improvement over last year’s third-quarter loss ($6.8 million). GLG said it is working with two state-owned capital management companies in China to restructure much of its debt.
GLG last year developed a three-pronged growth strategy designed to increase revenues from international sales in three product lines: stevia, monk fruit (also known as luo han guo) and GLG Naturals+ products. International sales rose 309% in the quarter to make up 94% of the company’s overall sales in the quarter. Last year GLG signed a contract with London-based Tate & Lyle, P.L.C. for monk fruit deliveries. By Sept. 30 of this year GLG had completed all monk fruit deliveries under the contract.
Over the nine-month period ended Sept. 30, GLG Life Tech sustained a loss of $14.1 million, which compared with a loss of $14.6 million over the same time period of the previous year. Nine-month revenues rose to $23 million from $12.5 million.
