George Weston reports third-quarter profit down on large one-time charge

George Weston Ltd. reported a third-quarter profit attributable to common shareholders of $15 million compared with a profit of $610 million in the same quarter a year ago as it was hit by a large one-time charge.

The company, which owns a majority stake in Loblaw Companies Ltd. and a large stake in Choice Properties Real Estate Investment Trust, says the profit amounted to eight cents per diluted share for the quarter ended Oct. 5.

The result was down from a profit of $4.41 per diluted share in the same quarter last year.

George Weston says the drop compared with a year ago was due to a $787-million fair value adjustment related to an increase in Choice Properties' unit price.

On an adjusted basis, the company says it earned $3.57 per share, up from an adjusted profit of $3.36 per share in the same quarter last year.

Revenue for the quarter totalled $18.69 billion, up from $18.41 billion a year earlier.