(Toronto) George Weston increased its quarterly dividend after announcing that its first quarter profit fell from last year due to one-time charges related to its large stake in Choice Properties Real Estate Investment Trust
The company, which also owns a majority stake in Loblaw Companies, announced it would now pay a quarterly dividend of 82 cents per share, up from 71.3 cents per share.
The increased payment to shareholders comes as George Weston said its profit attributable to common shareholders was $236 million, or $1.73 per diluted share, for the quarter ending March 23.
The result was down from profit of $426 million, or $3.01 per diluted share, in the same period last year.
Revenues for the quarter totaled 13.74 billion, compared to 13.13 billion a year earlier.
On an adjusted basis, George Weston says it earned $2.30 per diluted share, up from $1.99 per diluted share at the same time in 2023.