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Pharmacy chain Jean Coutu's profit rises as costs, taxes drop

Reuters
A pedestrian walks past a Jean Coutu pharmacy in downtown Montreal, April 28, 2010. REUTERS/Shaun Best

(Reuters) - Canadian pharmacy chain Jean Coutu Group Inc (PJCa.TO) 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)