August 7, 2009 / 7:04 PM / in 8 years

UPDATE 1-Power Financial profit drops, near expectations

* Q2 EPS C$0.61 vs C$1.49 yr-ago

* Analysts had expected C$0.64 EPS (Adds details)

TORONTO, Aug 7 (Reuters) - Power Financial Corp (PWF.TO), which controls several insurance and mutual fund companies, reported a sharply lower quarterly profit on Friday

Power Financial, a unit of family-controlled Power Corp of Canada (POW.TO), said it had net earnings of C$452 million ($418 million), or 61 Canadian cents a share, for the three months ended June 30. That is down from a profit of C$1.1 billion, or C$1.49 Canadian cents a share, a year earlier.

Analysts had expected earnings of 64 Canadian cents a share, according to Reuters Estimates.

Power Financial controls insurance company Great West Lifeco (GWO.TO) and mutual fund company IGM Financial (IGM.TO).

Shares of Power Financial were up 2.3 percent at C$30.40 in afternoon trade on the Toronto Stock Exchange.

($1=$1.08 Canadian)

Reporting by Andrea Hopkins

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