Belgian seed-maker Devgen sees strong 2010 growth
* Sees 2010 revenue growth of 35-40 percent
* Growth prediction helped by weather conditions
* To grow sales of hybrid seeds in India, rice in SE Asia
BRUSSELS, March 11 (Reuters) - Belgian seed company Devgen (DEVG.BR) predicted 35-40 percent revenue growth for 2010, boosted by favourable weather conditions and after 2009 revenues almost doubled thanks to the performance of some of its hybrid seed products.
The company, which is developing rice seeds which promise increased tolerance to drought and higher yields, said revenues for 2009 rose to 18.4 million euros ($25 million)
Devgen, which is in a developmental stage and spends a large chunk of its money on research and development, said its full-year net loss narrowed by 66 percent to 8.7 million euros, leaving it with 46 million euros in cash at the end of 2009.
It said for 2010 it plans to increase sales of hybrid seeds in India and southeast Asia and predicted its cash burn for the year including planned investments would be about 15 million euros. ($1=.7369 euros) (Reporting by Ben Deighton; Editing by Greg Mahlich)
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