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Loblaw Companies Ltd. reported a profit available to common shareholders of $508 million for its second quarter, an increase of 31.3 per cent from the same period last year.

The parent company of Loblaws and Shoppers Drug Mart reported its profit amounted to $1.58 per diluted share for the quarter ended June 17, an increase from $1.16 per diluted share in the same quarter last year.

Revenue for the 12-week period totalled $13.7 billion, up from $12.8 billion a year earlier.

Food retail same-stores sales were up 6.1 per cent, while drug retail same-store sales increased by 5.7 per cent.

The company says food retail sales growth was driven by a continued consumer shift to discount stores.

On adjusted basis, Loblaw says it earned $1.94 per diluted share in its latest quarter, up from an adjusted profit of $1.69 per diluted share a year ago.

This report by The Canadian Press was first published July 26, 2023.

MONTREAL (AP) — MONTREAL (AP) — CGI Group Inc. (GIB) on Wednesday reported fiscal third-quarter net income of $309 million.

On a per-share basis, the Montreal-based company said it had net income of $1.30. Earnings, adjusted for non-recurring costs, came to $1.34 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.

The information technology and business process services company posted revenue of $2.7 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.69 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GIB at https://www.zacks.com/ap/GIB

Rogers Communications Inc. RCI-B-T -0.49%decrease saw its profit decrease by 73 per cent to $109-million in its most recent quarter when it closed its deal to buy Shaw Communications Inc.

The Toronto-based telecommunications company says its second-quarter profit compared with a net income of $409-million in the same period last year.

The profit amounted to diluted earnings per share of 20 cents for the period ending June 30, down from 76 cents during its previous second quarter.

Rogers says the significant drop in net income and diluted earnings per share reflects an ongoing increase of approximately $500-million in quarterly depreciation and amortization from the assets acquired in its $26-billion merger with Shaw, which closed in April.

On an adjusted basis, its net income totalled $544-million, a 17 per cent increase from $463-million during the prior second quarter, while its adjusted diluted earnings per share moved from 86 cents to $1.02 per share.

Revenue for the period grew 30 per cent to $5-billion in the most recent quarter, up from $3.9-billion in the previous second quarter.

Crescent Point Energy Corp. CPG-T reported its second-quarter profit fell to $212.3-million from $331.5-million a year ago as it announced a special cash dividend of 3.5 cents per share.

The company says it earned 39 cents per diluted share for the quarter ended June 30, down from 58 cents per diluted share in the same quarter last year.

Oil and gas sales in the quarter totalled $949.6-million, down from $1.29-billion in the first three months of 2022.

On an adjusted basis, Crescent Point says its adjusted earnings from operations totalled 38 cents per share, down from 47 cents per share a year ago.

Average daily production in the quarter was 155,031 barrels of oil equivalent per day, up from 129,176 in the same quarter last year.

Crescent Point says its average selling price in the quarter was $67.31 per barrel of oil equivalent, down from $109.44 a year earlier.

First Quantum Minerals Ltd. says it earned US$93 million in the second quarter of 2023, down from US$419 million a year earlier.

The Toronto-based company, which reports in U.S. dollars, says sales revenues were US$1.7 billion, down from US$1.9 billion during the same quarter last year.

First Quantum says second-quarter results benefitted from higher copper sales volumes and lower input costs, partially offset by lower copper and nickel prices.

The company said after a challenging start to the year, it has seen improvements and expects production at its three major copper operations to be higher in the second half of the year.

Earlier this year the company saw production at its Cobre Panama mine interrupted amid a dispute with the Panama government over tax and royalty payments, but a deal was reached in March.

First Quantum says the agreement is currently awaiting passing by Panama’s legislature.

This report by The Canadian Press was first published July 25, 2023.

Canadian National Railway Co.’s CNR-T -0.22%decrease profit fell by 12 per cent in the second quarter amid economic weakness that reduced demand for oil, grain exports and consumer products.

The wildfires in parts of Canada also affected shipments of goods, said Montreal-based CN, which reported a 7-per-cent drop in revenue to $4.1-billion after markets closed on Tuesday.

Profit for the three months ending on June 30 was $1.16-billion, or $1.76 a share, compared with $1.33-billion ($1.92) in the same quarter of 2022. Revenue tonne miles – the metric for revenue earned by transporting one tonne of freight per mile – fell by 8 per cent from a year ago, dragged down by an 11-per-cent drop in shipping containers, CN’s second-biggest segment.

“The second quarter was a tough one,” said Ed Harris, CN’s chief operating officer.

Tracy Robinson, CN’s chief executive officer, said Canada’s largest railway has seen its own operations and those of its customers affected by wildfires, the B.C. port strike, hot weather and the Nova Scotia flooding.

“We’re also seeing a little more weakness on the economic front,” Ms. Robinson said on a conference call with analysts.

Ms. Robinson said the 13-day B.C. port strike that began at the start of the third quarter had a major impact on the flow of goods, and CN is working to reconnect the supply chains by running extra trains, an effort that will take eight more weeks.

CN reduced its financial outlook for the year, as Ms. Robinson predicted the economic recovery would be pushed back into 2024. The drought in parts of Western Canada is expected to reduce the size of the grain harvest to about 60 million tonnes, from 74 million last year, a reduction that will be seen in shipment volumes next year.

CN, which employs 25,000 across its network in Canada and the United States – 2,000 more than last year – has imposed a hiring freeze amid the weaker demand. “We have stopped [hiring] in some areas,” Ms. Robinson said, and slowed down considerably in other areas.

Canadian National Railway Co. says a major washout has halted traffic along part of its main line in Nova Scotia after torrential rain and flooding struck the province over the weekend.

A washed-out culvert left a stretch of track sagging unsupported over a massive ditch some 90 kilometres north of Halifax on the key rail connection for freight and passengers between the city and the rest of the country.

Via Rail has also issued a travel warning, with no bookings available until Friday between Halifax and Moncton, N.B., after three months’ worth of rain deluged Nova Scotia in 24 hours.

CN says crews have restored other damaged infrastructure around the province, but some repairs will be delayed until the floodwaters recede.

The provincewide state of emergency declared by Nova Scotia on Saturday is set to remain in effect until Aug. 5.

Yesterday, federal Emergency Preparedness Minister Bill Blair approved a request from the province for continued assistance.

This report by The Canadian Press was first published July 24, 2023.