TORONTO Aug 2 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
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.