Bridgewater suffers loss in first half

A significant increase in its research and development (R&D) budget led to an operating loss of C$0.7 million ($0.66 million) for Bridgewater in the first half, a huge plunge from the C$1 million ($0.94 million) operating profit registered in the same period in 2007.

An increase of C$2.1 million ($2 million) in the company's R&D spending jacked up operating expenses by 16% to C$2.3 million ($2.2 million) in the first semester. Revenue, however, jumped 11% to C$20.4 million ($19.1 million) in the first six months, from C$18.4 million ($17.2 million) a year ago.

Bridgewater expects revenue for the year to grow by 25%, which will likely result in operating margins of approximately 8%.

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