Third trimester | George Weston reports profit decline

(Toronto) George Weston on Tuesday reported third-quarter profit that fell short of a year earlier, as the company was hit by one-time charges related to its stake in Choice Properties Real Estate Investment Trust.

Income attributable to common shareholders from continuing operations totaled 610 million, or $4.41 per share, for the quarter ended Oct. 7, a decrease from 889 million, or $6.14 per share, a year earlier.

George Weston states that this decline is due to the unfavorable impact of adjustment items primarily related to the fair value of real estate investments.

Revenue for the quarter totaled 18.41 billion, compared to 17.52 billion in the same quarter last year.

On an adjusted basis, George Weston earned $3.36 per share in its most recent quarter, up from $3.12 per share a year ago.

George Weston owns a controlling interest in Loblaw Companies and a significant interest in Choice Properties.

Tyrone Hodgson

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