* Q1 EPS C$0.47 vs C$0.31 a year earlier
* Q1 operating EPS C$0.46 vs C$0.39 a year earlier
* Analysts expected EPS of C$0.50
TORONTO, May 13 (Reuters) - Power Corp of Canada (POW.TO) said on Thursday its profit rose in the first quarter as a higher contribution from subsidiary Power Financial offset lower income from investments.
The Montreal-based holding company said net income was C$224 million ($220 million), or 47 Canadian cents a share, in the three months ended March 31. That was up from C$151 million, or 31 Canadian cents a share, a year earlier.
Power Corp, controlled by Montreal’s Desmarais family, said operating earnings were C$219 million, or 46 Canadian cents a share, up from C$189 million, or 39 Canadian cents a share.
Analysts had expected earnings of 50 Canadian cents a share, according to Thomson Reuters I/B/E/S.
On Wednesday, Power Financial said its operating earnings rose 51 percent in the quarter, in line with analysts’ estimates.
Power Corp said subsidiaries contributed C$239 million to its operating earnings, up from C$147 million last year.
Power Corp’s share of non-operating results recorded by Power Financial made a positive contribution of C$5 million, or 1 Canadian cent a share, compared with a charge of C$38 million or 8 Canadian cents a share, in the first quarter of 2009.
Shares of Power Corp were down 1.0 percent at C$27.72 in late morning trade on the Toronto Stock Exchange on Thursday, while Power Financial shares were 0.4 percent lower.
$1=$1.02 Canadian Reporting by Andrea Hopkins; editing by Peter Galloway