Quarterly profit dropped at Power Financial Corp. as its subsidiaries suffered from stock losses and credit charges, the Montreal-based financial services holding company said Tuesday.
Power Financial, a unit of Power Corp of Canada said it had net earnings, including special items, of $195 million, or 24¢ a share, for the three months ended March 31. That is down from a profit of $586 million, or 8¢a share, in the year-earlier period.
Power Financial said it took charges of $57 million, or 8¢ a share, in the first quarter, compared with gains of $95 million in the same period in 2008.
The company said it had operating earnings of $252 million, or 32¢ a share, down from $491 million, or 67¢ a share, a year ago.
The decrease in operating earnings reflects primarily the decrease in the contribution from it subsidiaries, Power Financial said.
Power Financial controls life insurance company Great-West Lifeco and mutual fund manager IGM Financial.
Great-West Lifeco reported net income attributable to common shareholders of $326 million for the three months ended March 31, compared with $654 million in the year-earlier period.
IGM Financial reported net income for the three-month period ended March 31 of $134 million, compared with net income of $211 million a year ago.
IE
Power Financial profit drops in first quarter
- By: IE Staff
- May 12, 2009 May 12, 2009
- 10:40