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Labtech swings to $522k net loss

Labtech swings to $522k net loss

Clinical and diagnostic technology developer Labtech Innovations (ASX:LBT) has swung to a net loss of $522,000 for 1H10.

Revenue fell by 90% due to a lack of milestone payments for the period.

But the company said it is due to receive a milestone payment of €2 million ($3 million) this financial year, and as a result the company is expecting a profit of around $1.3 million for the full year.

Labtech had recorded a net profit of $740,000 in 1H09.

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