19°c Overcast
10°c Light rain
Winnipeg Free Press - PRINT EDITION
Montreal's Power Corp. sees growth in quarter 3
TORONTO -- Power Corp. of Canada says its third-quarter net earnings grew to $204 million as contributions from its subsidiaries -- including Power Financial Corp. -- increased.
The Montreal-based conglomerate said net earnings attributable to participating shareholders amounted to 44 cents per share, compared with $189 million, or 41 cents per share in the corresponding period in 2011.
However, operating earnings attributable to participating shareholders fell to $240 million, or 52 cents per share, down from $337 million, or 73 per share, during the same period of 2011 as it took a charge on corporate activities.
Power Corp.'s share of operating earnings from its subsidiaries was $300 million, up 5.6 per cent from $284 million for the same period in 2011.
But corporate activities resulted in a charge of $48 million, compared to a contribution of $64 million in the year-earlier quarter. The company lost $19 million from investments compared to a $93-million gain in the quarter a year-earlier.
Other items represented a charge of $36 million, falling from a charge of $148 million in the 2011 period.
Power Financial, which has stakes in the Mackenzie, Investors Group and other mutual fund operators, posted a 47 per cent increase in third-quarter net profit compared with the same period last year, when a large impairment charge depressed net profits.
The Montreal-based company behind Great-West Lifeco Inc. and IGM Financial said Wednesday its net earnings in the three months ended Sept. 30 were $460 million or 65 cents per share.
That compared with $312 million of net earnings or 44 cents per share in the same 2011 period when it booked an impairment charge of $116 million. Net operating earnings for the third quarter of 2011 were $428 million, or 60 cents per share, without the special item.
The contribution to operating earnings by Lifeco, Power Financial's insurance and investment business, was $356 million, compared with $312 million in the same period in 2011.
IGM, the financial planning and investment products division that includes Investors Group and Mackenzie, contributed $109 million, down from $121 million, while the company's interest in Pargesa Holding SA contributed $41 million, up from $36 million.
Charges for corporate activities and dividends amounted to $46 million in the period, up from $41 million in the year-ago quarter.
In addition to its stake in Power Financial, Power Corp. owns Square Victoria Communications Group, which holds interests in La Presse publisher Gesca and Square Victoria Digital Properties.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition November 15, 2012 B10
More Business
- Back to Top
- Return to Business
Poll
Most Popular Business
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Value Partners cracks $1-B mark in assets
- New owner for lumber stores
- Changes to CPP rules worth looking into
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- Canada threatens 'retaliatory measures' over new US meat labeling regulations
- Even a nine-year-old grills McDonald's CEO over menu
- Wealth survey indicates average person has $6.6K
- Manitoba housing affordability deteriorates
- Skyline-altering project will happen: developer
- New owner for lumber stores
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Value Partners cracks $1-B mark in assets
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Changes to CPP rules worth looking into
- She's got entrepreneurial spirit
- New owner for lumber stores
- Valeant shares soar amid report drug firm near $9B deal to buy Bausch and Lomb
- Motor Coach laying off 190 workers
- Young entrepreneurs pitch ideas to investor Warren Buffett, win prizes for their businesses
- Wealth survey indicates average person has $6.6K
- TD Bank looking for cost savings amid continued low interest rates
- New owner for lumber stores
- Value Partners cracks $1-B mark in assets
- Ex-'Pegger seeks to grow local businesses
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Changes to CPP rules worth looking into
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Value Partners cracks $1-B mark in assets
- Local boy leads Great-West
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.