Viaspace lifts revenue in Q4 2010

(ADPnews) - Apr 4, 2011 - US clean energy company Viaspace Inc (OTC:VSPC) last week said its fourth-quarter revenue rose to USD 1.04 million (EUR 730,000) from USD 851,000 a year earlier, driven by higher sales at its artwork subsidiary.

The sales of Inter-Pacific Arts (IPA) totalled USD 1.01 million, increasing 48% on the year, the company said.

Operating expenses decreased slightly to USD 922,000 from USD 1.07 million and operating loss shrank to USD 634,000 from USD 758,000 for the same period last year.

Net loss narrowed to USD 657,000 from USD 839,000.

Full-year net loss shrank as well -- to USD 2.8 million from USD 2.9 million, although revenue fell to USD 3.6 million from USD 4.4 million.

The company, which grows giant king grass as a biomass crop, said in February it had signed a memorandum of understanding with California-based General Biofuels to develop a biomass pellet plant and a plantation with king grass in the Dominican Republic.

(USD 1.0 = EUR 0.702)

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