George Weston reports Q1 profit down on Choice REIT charges, raises dividend

George Weston Ltd. raised its quarterly dividend as it reported its first-quarter profit fell compared with year ago as it was hit by one-time charges related to its large stake in Choice Properties Real Estate Investment Trust.

The company, which also holds a majority interest in Loblaw Cos. Ltd., says it will now pay a quarterly dividend of 82 cents per share, up from 71.3 cents per share.

The increased payment to shareholders came as George Weston says its profit attributable to common shareholders totalled $236 million or $1.73 per diluted share for the quarter ended March 23.

The result was down from a profit of $426 million or $3.01 per diluted share in the same quarter last year.

Revenue for the quarter totalled $13.74 billion, up from $13.13 billion a year earlier.

On an adjusted basis, George Weston says it earned $2.30 per diluted share, up from an $1.99 per diluted share in the same quarter last year.