George Weston raises dividend as it reports first-quarter profit up from year ago

George Weston Ltd. WN-T raised its dividend as it reported its first-quarter profit and revenue rose compared with a year ago.

The company, which holds large stakes in Loblaw Companies Ltd. L-T and Choice Properties Real Estate Investment Trust, says it will increase its quarterly dividend to 71.3 cents a share from 66 cents a share.

The increased payment came as George Weston says it earned a profit attributable to common shareholders of $426-million or $3.01 a diluted share for the 12-week period ended March 25.

The result was up from a profit of $363-million or $2.45 a diluted share in the same quarter a year earlier.

Revenue for the quarter totalled $13.13-billion, up from $12.41-billion in the same quarter last year.

On an adjusted basis, George Weston says it earned $1.99 a diluted share, up from an adjusted profit of $1.90 a diluted share a year earlier.