George Weston Ltd. WN-T raised its quarterly dividend as it reported its first-quarter profit fell compared with a year ago as it was hit by one-time charges related to its large stake in Choice Properties Real Estate Investment Trust CHP-UN-T.
The company, which also holds a majority interest in Loblaw Cos. Ltd. L-T, 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.