George Weston Ltd., a food delivery and manufacturing business with retail stores and pharmacies, announced a third-quarter profit from continuing operations of $889 million, up from $238 million in the corresponding quarter of 2021.
The company, which holds substantial stake in Choice Properties Real Estate Investment Trust and Loblaw Companies Ltd., reported that the earnings for the three months that ended October 8, 2022, stood at $6.14 per diluted share. The outcome was in contrast to a profit of $1.58 per diluted share made available to common shareholders from continuing operations during the third quarter that ended September 2021. As reported by the company, the total revenue increased to $17.52 billion for the 16-week period from $16.19 billion in the corresponding quarter of 2021, while net profit increased to $0.903 billion.
According to George Weston, its profit increased from an estimated $2.43 per common share in the third quarter of 2021 to $3.12 per common share from ongoing operations. Galen G. Weston, chairman and chief executive of George Weston, says that Loblaw and Choice Properties' outstanding third-quarter results showed that they could consistently produce financial and operational results.
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