Saturday, December 20th0.9°C
24295
23931

Power Financial Corp. boosts its first-quarter profit and revenues

MONTREAL - Power Financial Corp. (TSX: PWF) says it its first-quarter profits were up from a year ago as results at its Great-West Lifeco Inc. and IGM Financial Inc. subsidiaries improved.

The financial services conglomerate said its profit attributable to common shareholders totalled $467 million or 66 cents per share, in its first quarter ended March 31.That was up from $394 million, or 55 cents per share, in the same quarter of 2013.

Operating earnings totalled $440 million, or 62 cents per share, compared with $407 million, or 57 cents per share, year-over-year.

Revenues were $10.58 billion compared with $8.15 billion year-over-year.

In addition to its holdings in Great-West (TSX:GWO) and IGM (TSX:IGM), Power Financial also holds a 50 per cent increase in Parjointco N.V., which in turn has about a 55.6 per cent equity interest in Pargesa Holding SA.

Great-West Lifeco's contribution to Power Financial's operating earnings was $393 million for the quarter ended March 31, 2014, compared with $353 million in 2013.

Meanwhile, IGM contributed $116 million to Power Financial's operating earnings for the quarter ended March 31, 2014, compared with $107 million in 2013.

Power Financial's share of Pargesa included a loss of $17 million in operating results compared with a $5-million loss a year ago.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8618+0.0001
Gold1197.20+2.50
Oil56.50+2.39
Lumber336.20-0.70
Natural Gas3.446-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


23041

FEATURED Property
2071742614 Quarry Avenue
4 bedrooms 3 baths
$699,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_








Member of BC Press Council


23860