Walgreens Boots Alliance, the largest US pharmacy operator by store count, reported a jump in quarterly profit, helped by cost-cutting, and said it now expected its acquisition of Rite Aid Corp to close in early 2017.

The companies said they had extended the end date of their merger agreement to January 27th from October 27th. Walgreens also said it expected to divest stores to gain regulatory approval for the deal by the end of 2016.

Net income attributable to Walgreens rose to $1.03 billion (€938 million), or 95 cents per share, in the fourth quarter ended August 31st from $26 million, or 2 cents per share, a year earlier.

The company had recorded a loss of $143 million on previously-held equity interest and $479 million in other expenses in the same quarter a year earlier. – (Reuters)