George Weston Ltd. showed a profit in its latest quarter, in a May 5, 2020 story. (Photo by THE CANADIAN PRESS)

George Weston Ltd. reports Q1 profit compared with loss a year ago

TORONTO — George Weston Ltd. reported a profit in its latest quarter compared with a loss a year ago when it took a large one-time charge.

The retail, bakery and real estate business says the profit available to common shareholders totalled $582 million or $3.78 per diluted share for the quarter ended March 21.

That compared with a loss of $488 million or $3.18 per diluted share a year ago when it recorded a fair value adjustment of the trust unit liability of nearly $1.09 billion or $7.07 per share.

Revenue totalled $12.3 billion, up from nearly $11.7 billion a year earlier.

George Weston’s businesses include Weston Foods and large stakes in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust.

On an adjusted basis, George Weston says it earned $239 million or $1.55 per share for the quarter, up from $201 million or $1.30 per diluted share in the same period in 2019. It attributed the increase to an improvement in the underlying operating performance of the company and an increase in the its ownership interest in Loblaw.

This report by The Canadian Press was first published May 5, 2020.

Companies in this story: (TSX:WN, TSX:L, TSX:CHP.UN)

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