March 13, 2013 / 4:59 PM / 4 years ago

Power Financial profit falls, misses expectations

TORONTO (Reuters) - Power Financial Corp said on Wednesday that fourth-quarter profit fell as earnings at its IGM Financial (IGM.TO) mutual funds unit dipped and income at its Great-West Lifeco GWO.TO insurance operation dropped.

The Montreal-based company said operating earnings fell to C$406 million ($396 million), or 57 Canadian cents a share, from C$422 million, or 52 Canadian cents, in the same quarter a year earlier.

Analysts had expected, on average, a profit of 58 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Power Financial, controlled by Montreal's Desmarais family through its Power Corp POW.TO holding company, also owns a major stake in Swiss-based Pargesa Holding SA (PARG.S).

On an operating basis, Great-West contributed C$337 million to Power Financial's profit, down from C$342 million, while IGM contributed C$106 million, down from C$113 million.

Shares of Power Corp were down 58 Canadian cents to C$26.85 on the Toronto Stock Exchange.

Reporting by Andrea Hopkins; Editing by Frank McGurty and Jeffrey Benkoe

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below