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PharmaCorp Rx Swings to Q2 Profit as Revenue Jumps

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PharmaCorp Rx (PCRX.V) Thursday reported a swing to a second-quarter profit of C$0.12 million, compared with a year-prior loss of C$0.4 million.

The company, which did not provide per share amounts, said the improvement was due to higher gross profit and "other income".

Second quarter revenue jumped 76% to C$7.7 million over the same period.

"Our second quarter reflected continued organic growth, disciplined integration, and active execution of acquisitions," said Alan Simpson, PharmaCorp executive chair. "With the closing of nine pharmacy acquisitions in July, together with the completion of the pharmacy acquisition in Western Canada on August 17, we are building momentum in our strategy to acquire, integrate and operate high-quality community pharmacies across Canada."

PharmaCorp shares were last seen up C$0.01 to C$0.51 on the TSX Venture Exchange.

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