May 10, 2011 / 12:21 PM / 7 years ago

UPDATE 1-George Weston posts higher profit

TORONTO, May 10 (Reuters) - Canadian food processor and distributor George Weston Ltd (WN.TO) posted a higher quarterly profit on Tuesday on the strength of the operating performance of its two affiliates, Weston Foods and Loblaw Cos Ltd (L.TO).

    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)

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