Power Financial profit rises on insurance, mutual funds

TORONTO Fri Aug 2, 2013 10:09am EDT

TORONTO Aug 2 (Reuters) - Power Financial Corp said on Friday second-quarter profit rose 10.7 percent due to higher earnings contributions from its IGM Financial mutual funds unit and its Great-West Lifeco insurance subsidiary.

The Montreal-based company said net profit was C$475 million ($460 million), or 67 Canadian cents per share, up from a year-earlier C$429 million, or 61 Canadian cents per share.

On an operating basis, the company earned 65 Canadian cents a share. Analysts had expected, on average, 66 Canadian cents, according to Thomson Reuters I/B/E/S.

Power Financial, controlled by Montreal's Desmarais family through their Power Corp holding company, also owns a major stake in Swiss-based Pargesa Holding SA.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video