March 13, 2008 / 4:09 PM / 10 years ago

Power Financial profit up on underlying operations

TORONTO, March 13 (Reuters) - Power Financial Corp (PWF.TO) posted a 12 percent rise in fourth-quarter earnings on Thursday as a result of higher operating earnings and one-time items.

    The Canadian financial services company, which owns the country’s second biggest life insurer and largest mutual fund company, reported net income of C$532 million ($543 million), or 72 Canadian cents a diluted share, for the three months ended Dec. 31.

    That compared with C$474 million, or 64 Canadian cents a share, in the same period a year ago.

    $1=$0.98 Canadian Reporting by Lynne Olver; Editing by Renato Andrade

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