March 13, 2013 / 10:50 PM / 5 years ago

Power Financial profit falls short of expectations

TORONTO (Reuters) - Canada’s Power Financial Corp said on Wednesday profit fell in the fourth quarter as earnings at its IGM Financial (IGM.TO) mutual funds unit dipped and operating earnings at its Great-West Lifeco (GWO.TO) insurance unit were little changed.

    The Montreal-based company said it had operating earnings of C$406 million ($396 million), or 57 Canadian cents a share, down from C$422 million, or 60 Canadian cents, in the same quarter a year earlier.

    (This story was fixed to correct year-earlier adjusted earnings per share in second paragraph, and add “operating earnings” in lead for Great-West)

    Reporting by Andrea Hopkins; Editing by Frank McGurty and Bob Burgdorfer

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