Power Financial Corp. on Wednesday reported increased profit for the first quarter ended March 31. The company said the increase stemmed from higher operating earnings from its subsidiaries.

Power Financial said net profits during the first quarter were $253 million, or 68¢ a share, up from net profit of $237 million, or 65¢ a share, a year ago.

The company said its share of operating earnings from subsidiaries and affiliates rose to $263 million from $240 million due to profit increases at Great-West and Investors Group Inc. which offset a decrease at Pargesa Holding S.A.

Revenues slipped to $4.80 billion from $4.83 billion, the company said.

Results were affected by a charge of $10 million, or 3¢ a share, representing Power Financial’s share of non-operating items recorded within Swiss holding company Pargesa during the quarter.

The company also raised the quarterly dividend for common shares by 2¢to 30¢.