November 12, 2010 / 9:15 PM / 7 years ago

UPDATE 1-Power Corp profit slumps after C$96 mln charge

* Q3 oper profit C$0.58/shr, in line with estimates

* Net earnings C$0.37/shr vs C$0.52

TORONTO, Nov 12 (Reuters) - Power Corp of Canada (POW.TO), a Montreal-based holding company, said on Friday its third-quarter profit fell 29 percent after a C$96 million charge.

Power Corp, the 66 percent owner of Power Financial Corp (PWF.TO) -- which in turn controls insurance company Great West Lifeco (GWO.TO) and mutual fund company IGM Financial (IGM.TO) -- said net earnings for the quarter were C$178 million or C$0.37 per share. That compared with C$250 million or C$0.52 per share in the corresponding period of 2009.

The company, controlled by Montreal’s Desmarais family, said operating earnings were C$274 million or C$0.58 per share, compared with C$252 million or C$0.53 per share in the third quarter of 2009.

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

    Power Corp shares were down 0.58 percent at C$27.59 in Toronto.

    Earlier on Friday Power Financial Corp said its net profit fell 29 percent in the quarter after a litigation charge at its insurance subsidiary.

    $1=$1.01 Canadian Reporting by Pav Jordan; editing by Rob Wilson

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