Metro posts massive profit as GTA workers continue to strike
In the quarter ended July 1, the grocery and drug store retailer says net earnings skyrocketed 26 per cent to $346.7 million from $275 million a year earlier.
Metro says the massive gains in its third quarter are due in part to a tax benefit after the Canada Revenue Agency granted capital losses to the company that had previously been disallowed.Nonetheless, adjusted net earnings rose 11 per cent to $314.8 million last quarter from $283.8 million the year before, while adjusted fully diluted net earnings leaped 14 per cent to $1.35 per share from $1.18 per share.
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