(Reuters) - Canadian pharmacy chain Jean Coutu Group Inc reported an 11 percent rise in third-quarter profit, helped by a fall in expenses and a lower tax bill.
Net profit for the quarter rose to C$62.5 million ($57.88 million), or 30 Canadian cents per share for the quarter ended November 30, compared with C$56.2 million, or 26 Canadian cents per share, a year earlier.
The Longueuil, Quebec-based company said revenue fell 0.6 percent to C$712.5 million. Cost of sales fell about 2 percent.
The company's tax bill fell 9.6 percent in the quarter.
($1 = 1.0799 Canadian dollars)
(Reporting By Sneha Banerjee in Bangalore; Editing by Savio D'Souza)
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Jean Coutu Group
| occupation =
| awards = Order of Canada
National Order of Quebec
}}
Jean Coutu, Post-nominals|country=CAN|OC|OQ (born May 29, 1927) is a Canadian pharmacist and businessman. He is the founder and Chairman of the Jean Coutu Group which he started in 1969. With an estimated net worth of $US 1.6 billion (as of March 2012), Coutu was ranked by Forbes as the 22nd wealthiest Canadian and 938th in the world.
In 1993, he was made an Officer of the Order of Canada and an Officer of the National Order of Quebec.
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