November 12, 2009 / 5:29 PM / in 8 years

UPDATE 1-Power Financial Q3 profit edges lower

* Q3 EPS C$0.61 vs C$0.62 yr-ago

* Analysts had expected C$0.63 EPS

TORONTO, Nov 12 (Reuters) - Power Financial Corp (PWF.TO) said on Thursday its profit edged lower in the third quarter, reflecting lower earnings at the insurance and mutual fund companies it controls.

Power Financial, a unit of Montreal’s family-controlled Power Corp of Canada (POW.TO), said it had net earnings of C$452 million ($430 million), or 61 Canadian cents a share, for the three months ended Sept. 30. This is down from a profit of C$457 million, or 62 Canadian cents a share, a year earlier.

Analysts had expected earnings of 63 Canadian cents a share, according to Thomson Reuters I/B/E/S.

The results included a charge of C$3 million related to its share of non-operating results recorded by Swiss-based Pargesa Holding SA (PARG.S). Power Financial has a 50 percent stake in Parjointco NV, which in turn has a 54.1 percent interest in Pargesa. That compared with a charge of C$2 million in the third quarter of 2008.

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

Shares of Power Financial were down 0.1 percent at C$28.19 at midday on the Toronto Stock Exchange.

$1=$1.05 Canadian Reporting by Andrea Hopkins; editing by Rob Wilson

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