Power Financial profit rises on insurance, mutual funds

Fri Aug 2, 2013 10:16am EDT
 
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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: Quote) 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: Quote) holding company, also owns a major stake in Swiss-based Pargesa Holding SA (PARG.S: Quote).

(Reporting by Cameron French; Editing by John Wallace)