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

Company includes large stakes in Loblaw Companies Ltd.

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)

The Canadian Press

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UPDATE: Heartland Youth Centre has named the winners in this year’s fundraising raffle

Nan Gardner has won the grand prize of the 2020 GMC Terrain

Alberta reports just seven new COVID-19 cases

‘Today’s numbers mark an occasion to be celebrated’

Town of Stettler sports fields close for improvements

The Turf Revitalization Plan has been expedited from the initial five-year strategy

Still no confirmed active COVID-19 cases in Red Deer, central zone

There are 15 new confirmed cases were in Alberta, the province said Thursday

It’s back to business at Stettler’s Superfluity

This year also marks organization’s 40th anniversary

PODCAST: Black Lives Matter in central Alberta

Community organizers come on the show to discuss central Albertan anti-racist movement

Montreal man believes rough arrest caught on video was racially motivated

Montreal man believes rough arrest caught on video was racially motivated

N.B. police shooting of Indigenous woman leads to questions on ‘wellness checks’

N.B. police shooting of Indigenous woman leads to questions on ‘wellness checks’

Minister says reckoning on police violence against Indigenous people needed

Minister says reckoning on police violence against Indigenous people needed

Nunavut to bring in civilian police review after arrest video: minister

Nunavut to bring in civilian police review after arrest video: minister

Trudeau takes a knee at anti-racism protest on Parliament Hill

Trudeau takes a knee at anti-racism protest on Parliament Hill

Liberal MP Marwan Tabbara faces assault, break and enter, harassment charges

Liberal MP Marwan Tabbara faces assault, break and enter, harassment charges

Black Canadians say racism here is just as harmful as in the United States

Black Canadians say racism here is just as harmful as in the United States

Implementation of Divorce Act reforms delayed eight months by pandemic

Implementation of Divorce Act reforms delayed eight months by pandemic

Most Read