George Weston posts higher profit

Tue May 10, 2011 9:22am EDT
 
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TORONTO (Reuters) - Canadian food processor and distributor George Weston Ltd posted a higher quarterly profit on Tuesday on the strength of the operating performance of its two affiliates, Weston Foods and Loblaw Cos Ltd.

First-quarter earnings rose to C$105 million ($109.4 million), or 74 basic Canadian cents a share, from C$37 million, or basic 21 Canadian cents a share. On an adjusted basis, its profit was C$1.07 a share.

Sales fell 0.2 percent to C$7.15 billion.

($1=0.96 Canadian)

(Reporting by S. John Tilak, editing by Gerald E. McCormick)