Power Financial profit rises, shares up
(Reuters) - Power Financial Corp's PWF.TO quarterly profit rose slightly due to stronger results at its insurance and mutual fund subsidiaries, the company said on Friday.
Shares of the company, which is a division of the Desmarais family-controlled Power Corp of Canada POW.TO, were up 2.55 percent at C$26.15 at midday on Friday on the Toronto Stock Exchange.
Net earnings attributable to shareholders were C$312 million ($309 million), or 44 Canadian cents a share, in the quarter ended September 30. That compared with a year-earlier profit of C$294 million, or 42 Canadian cents a share.
Total revenue in the quarter fell to C$9.1 billion from C$9.7 billion in the year-earlier period.
Power Financial owns majority stakes in Canada's No. 2 insurer, Great-West Lifeco GWO.TO, and Canada's biggest asset manager, IGM Financial IGM.TO.
On Thursday, IGM Financial said its quarterly earnings rose sharply, while Great-West Lifeco saw a higher profit, in line with market expectations.
Power Financial Chief Executive Jeffrey Orr said in September the company was seeking "tactical acquisitions" to build up its U.S. retirement planning and asset management businesses.
(Reporting by Cameron French and Julie Gordon; editing by Peter Galloway)
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