Power Corporation of Canada (TSX:POW) has reported a drop in first-quarter net earnings, reflecting among other things lower contributions from corporate activities and restructuring and other charges.

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Power Corp. says net earnings attributable to participating shareholders for the quarter ended March 31 were $225 million or 49 cents per share, down from $260 million or 57 cents per share in the same 2012 period.

Operating earnings were $247 million or 54 cents per share, compared with $205 million or 45 cents per share, an increase of 20.2 per cent on a per share basis.

Subsidiaries of the management and holding company contributed $259 million to operating earnings, up from $240 million, but the contribution from corporate activities fell to just $1 million from $23 million.

Other items such as restructuring and other charges in the quarter and not included in operating earnings, represented a net charge of $22 million, versus a net contribution of $55 million in the year-earlier period.

The contribution to earnings from Power Financial (TSX:PWF) — 65.8 per cent owned by Power Corporation of Canada — was $268 million, up from $245 million in the 2012 period.

Power Financial, parent of Great-West Lifeco. (TSX:GWO) and IGM Financial (TSX:IGM), two of Canada’s largest non-bank financial services companies, reported its earnings Tuesday.

Among its other holdings, Power Corporation of Canada has media interests that include a stake in The Canadian Press news agency through its Gesca subsidiary.