George Weston reports $303 million third-quarter profit

George Weston Ltd. raised its dividend as it reported its latest quarterly results.

The company, which operates through Loblaw, Choice Properties and Weston Foods, says its quarterly dividend will be increased to 55 cents per share, up from 52.5 cents per share.

In its quarterly report, George Weston says it earned a profit available to common shareholders of $303 million or $1.96 per diluted share for its latest quarter, up from $69 million or 44 cents per diluted share a year earlier.

The company says the increase was due to the favourable year-over-year net impact of adjusting items totalling $263 million.

On an adjusted basis, George Weston says it earned a profit available to common shareholders of $362 million or $2.35 per diluted share, down from $391 million or $2.54 per diluted share in the same quarter last year.

Revenue in the 16-week period ended Oct. 3 totalled $16.21 billion, up from $15.23 billion a year ago.