George Weston reports third-quarter profit down on large one-time charge

TORONTO — George Weston Ltd. reported a third-quarter profit attributable to common shareholders of $15 million compared with a profit of $610 million in the same quarter a year ago as it was hit by a large one-time charge.

The company, which owns a majority stake in Loblaw Companies Ltd. and a large stake in Choice Properties Real Estate Investment Trust, says the profit amounted to eight cents per diluted share for the quarter ended Oct. 5.George Weston says the drop compared with a year ago was due to a $787-million fair value adjustment related to an increase in Choice Properties' unit price.

On an adjusted basis, the company says it earned $3.57 per share, up from an adjusted profit of $3.36 per share in the same quarter last year.This report by The Canadian Press was first published Nov. 19, 2024.

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