* 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.
The company owns 66 percent 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.
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