Company News

Canada's Loblaw posts fall in profit on one-time tax charge

Nov 14 (Reuters) - Canadian grocery and pharmacy chain Loblaw Companies Ltd reported an 88 percent fall in quarterly profit on Wednesday, hurt by a C$367 million tax settlement charge in the quarter.

Net profit attributable to common shareholders fell to C$106 million ($80.08 million), or 28 Canadian cents per share, in the third quarter ended Oct. 6, from C$883 million, or C$2.24 per share, a year earlier.

The company had also recorded a C$432 million gain from the disposition of its gas bar operations in the year-ago quarter.

Revenue rose to C$14.45 billion from C$14.19 billion. ($1 = 1.3236 Canadian dollars) (Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel)