The result was overall profit of $481-million or $3.66 a share for the year ended Dec. 31, up 37 per cent from 1999, even though sales rose only 7 per cent to $22.3-billion.
The Globe and Mail
February 23, 2001
Weston posts 37% jump in profit
Toronto-based George Weston Ltd. continued its long march to higher profits in 2000 as it swallowed several fish plants and bakeries in the United States, and expanded those at home.
The result was overall profit of $481-million or $3.66 a share for the year ended Dec. 31, up 37 per cent from 1999, even though sales rose only 7 per cent to $22.3-billion.
The buoyant growth continued through to the fourth quarter, when profit rose by 48 per cent to $188-million or $1.51 a share from $127-million or $1.07 in the year-earlier quarter. Revenue for the quarter rose to $5.4-billion from $5-billion.
A Weston official confirmed that Weston intends to sell its William Neilson Ltd. dairy unit and Connors Bros. Ltd. fish-processing operations.
The official also it is mulling the sale of a 5-per-cent stake in Loblaws Cos. Inc., reducing its holdings to 58 per cent from 63 per cent.
Staff
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Risks: Suspiciously high earnings growth, Profits grow much faster than revenue, Canada, 20010223 Weston posts
