Power Financial profit rises on insurance, mutual funds
TORONTO (Reuters) - Power Financial Corp (PWF.TO: Quote) said on Friday second-quarter profit rose 10.7 percent due to higher earnings contributions from its IGM Financial IGM.TO mutual funds unit and its Great-West Lifeco (GWO.TO: Quote) 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 POW.TO holding company, also owns a major stake in Swiss-based Pargesa Holding SA (PARG.S: Quote).
(Reporting by Cameron French; Editing by John Wallace)
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