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George Weston posts $105-million profit

Shareholders talk before the Loblaw Companies Limited annual general meeting in Toronto on Wednesday, May 5, 2010.

NATHAN DENETTE

Canadian food processor and distributor George Weston Ltd. posted a higher quarterly profit Tuesday on the strength of the operating performance of its two affiliates, Weston Foods and Loblaw Cos Ltd.

First-quarter earnings rose to $105-million, or 74 cents a share, from $37-million, or 21 cents a share. On an adjusted basis, its profit was $1.07 a share. Sales dipped to $7.15-billion from $7.16-billion.

Analysts had predicted earnings of 78 cents per share, according to a survey from Thomson Reuters.

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Weston Foods is a fresh and frozen baking company that owns brands like Wonder and D'Italiano breads. George Weston also owns about 63 per cent of Loblaw.

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