QLT INC. Q1 PROFIT DROPS TO $12.1 MILLION US FROM $15.3 MILLION AS REVENUES FALL

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Eye drug developer QLT Inc. reported lower profits in the first quarter as sales dropped and legal expenses rose. The Vancouver company said Thursday it lost $12.1 million US or 13 cents a share for the three months ended March 31, down from profits of $15.6 million or 16 cents a share last year. QLT said its profit decline was primarily due to a reduction in sales of its Visudyne eye drug and higher legal expenses.

Canadian Business (http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b042719A)