July 31, 2008 / 7:29 PM / 10 years ago

REFILE-Power Corp net income jumps on subsidiary results

(Refiles to fix day of week in paragraph 2)

TORONTO, July 31 (Reuters) - Profit at Power Corp of Canada (POW.TO) jumped 75 percent in the second quarter, fueled by higher operating earnings and one-time items at its subsidiaries.

The holding company, controlled by Montreal’s Desmarais family, said on Thursday that net income was C$695 million ($680 million), or C$1.49 a diluted share, in the three months ended June 30. That compared with C$396 million, or 84 Canadian cents a diluted share, a year earlier.

Power Corp said operating earnings were C$381 million, or 81 Canadian cents a share, down from C$394 million, or 84 Canadian cents a share.

$1=$1.02 Canadian Reporting by Lynne Olver; editing by Rob Wilson

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