George Weston Ltd. WN-T 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. L-T and a large stake in Choice Properties Real Estate Investment Trust CHP-UN-T, 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.