George Weston: reports significant profit in Q2/2010

Toronto / CA. (gwl) George Weston Limited reported a significant rise in profit for the second quarter, driven by higher revenues as well as lower interest expenses and financing charges. Net earnings for the second quarter soared to 125 million CAD from four million CAD in the same quarter last year. On a per share basis, basic earnings for the quarter were 0,89 CAD; compared with a loss of 0,05 CAD in the year-ago quarter. Comprehensive income for the quarter was 123 million CAD, compared to a loss of 68 million CAD last year. The company attributed the positive results in the second quarter to improvements in operating performance in both its operating segments: Loblaw Companies Limited and Weston Foods. Sales for the quarter grew 0,6 percent to 7,53 billion CAD from 7,48 billion CAD in the corresponding quarter of last year. Interest expense and other financing charges declined to 98 million CAD from 147 million CAD a year ago, primarily as a result of a decrease in the non-cash charge related to the fair value adjustment of Weston Holdings Limited, a subsidiary of George Weston and a loss recorded in the second quarter of 2009 on the extinguishment of a portion of the company’s 12,7 percent promissory notes.

Info: The complete statement is available here.