(Toronto) George Weston on Tuesday posted a third-quarter profit down from a year ago as the company was hit by one-time charges related to its stake in Choice Properties Real Estate Investment Trust.
Its earnings attributable to common shareholders from continuing operations totaled 610 million, or $4.41 per share, for the quarter ended Oct. 7, down from 889 million, or $6.14 per share, a year earlier early.
George Weston states that this decline is due to the unfavorable impact of adjustment elements, mainly related to the fair value of real estate investments.
Revenue totaled 18.41 billion for the quarter, compared to 17.52 billion in the same quarter last year.
On an adjusted basis, George Weston earned $3.36 per share in the most recent quarter, up from $3.12 per share a year ago.
George Weston owns a majority interest in Loblaw Companies and a significant interest in Choice Properties.
