July 25, 2018 / 10:46 AM / 21 days ago

Canadian grocery chain Loblaw's profit slumps on charges

July 25 (Reuters) - Canadian grocery and pharmacy chain Loblaw Cos Ltd on Wednesday reported an 86 percent drop in quarterly profit due to charges related to its acquisition of Canadian Real Estate Investment Trust and the sale of its gas pump operations.

The company's net income fell to C$50 million ($38.07 million), or 13 Canadian cents per share, in the second quarter ended June 30, from C$359 million, or 90 Canadian cents per share, a year earlier.

Revenue fell 1.4 percent C$10.92 billion. ($1 = 1.3130 Canadian dollars) (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila)

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