Jean Coutu feels tax hit from court rul­ing, first Quar­ter profit falls

Cape Breton Post - - CLASSIFIEDS / BUSINESS -

LONGUEUIL, Que. – The Jean Coutu Group (PJC) Inc. ( TSX:PJC.A) had a $50.6-mil­lion net profit in the quar­ter ended May 30, a 6.5 per cent de­cline from the same time last year due to a tax pro­vi­sion re­sult­ing from a re­cent judg­ment by Que­bec's high­est court. The phar­macy com­pany's profit for the 13 weeks ended May 30 amounted to 27 cents per share and com­pared with $54.1 mil­lion or 29 cents per share in last year's fis­cal first quar­ter. The Que­bec Court of Ap­peal re­versed a lower court judg­ment in favour of the cor­po­ra­tion re­lated to a suit for rec­ti­fi­ca­tion of books and records. Jean Coutu said it's seek­ing per­mis­sion to ap­peal at the Supreme Court of Canada.

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