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LONGUEUIL, Quebec The Jean Coutu Group on Tuesday reported revenues of $611.4 million, up 2.2%, for its second quarter ended Aug. 28.
"We are satisfied with the excellent results of the second quarter and first half of fiscal year 2011,” stated Francois Coutu, JCG president and CEO. “By maintaining the pace of our expansion projects and implementing our business plan, we achieved the objectives we had set,” he said. "[However], we are still awaiting a decision from Quebec’s Minister of Health and Social Services concerning the Government of Quebec’s intention to reduce the price of generic drugs as announced last June 25."
No share of loss in Rite Aid was accounted in the company’s earnings during the second quarter, though there was a $23.9 million loss reported during the second quarter of the previous fiscal year, the company stated.
During the fiscal year ended Feb. 27, the company's share of loss in Rite Aid exceeded the carrying value of its investment. As required by Canadian GAAP, Jean Coutu Group reduced the carrying value of its investment down to zero and ceased recording its share of loss in Rite Aid exceeding the carrying value of its investment.
For the 13-week period ended Aug. 28, Jean Coutu Group’s unrecognized share of loss in Rite Aid amounted to $54.5 million. Jean Coutu’s total unrecognized share of loss in Rite Aid is $161.1 million, and the market value of equity interest in Rite Aid was $224.3 million.