November 23, 2010 / 3:11 PM / 8 years ago

UPDATE 1-George Weston profit doubles, sees higher costs

* Q3 EPS C$1.31 vs C$0.56 a year earlier

* Revenue up 1 percent

TORONTO, Nov 23 (Reuters) - George Weston Ltd (WN.TO), Canada’s largest food processor and distributor, reported a doubling of third-quarter profit on Tuesday, but warned rising commodity prices and currency fluctuations could hurt its results in the coming months.

The company, which owns No. 1 Canadian supermarket chain Loblaw Co (L.TO), said net income rose to C$184 million ($180.4 million), or C$1.31 a share, from C$86 million, or 56 Canadian cents a share, a year earlier.

Sales at the Toronto-based maker of Wonder bread and Girl Scout cookies were up 1 percent at C$9.88 billion.

Analysts on average had expected earnings of C$1.20 a share on revenue of C$9.90 billion, according to Thomson Reuters I/B/E/S.

Shares of the company were down 50 Canadian cents at C$77.40 on Toronto Stock Exchange on Tuesday morning. The stock has gained 16 percent so far this year.

$1=$1.02 Canadian Reporting by Bhaswati Mukhopadhyay; editing by Peter Galloway

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