Thursday, September 3rd9.6°C
26775
26753

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

27218


Recent Trending




Today's Market
S&P TSX13545.25+63.35
S&P CDNX550.05+2.08
DJIA16351.38+293.03
Nasdaq4749.98+113.87
S&P 5001948.86+35.01
CDN Dollar0.7536-0.0001
Gold1132.90+0.40
Oil46.22-0.03
Lumber235.10+1.10
Natural Gas2.653+0.005

 
Okanagan Companies
Pacific Safety0.22+0.05
Knighthawk0.010.00
QHR Technologies Inc1.19+0.01
Cantex0.04-0.01
Anavex Life Sciences1.25-0.07
Metalex Ventures0.055+0.005
Russel Metals20.87-0.34
Copper Mountain Mining0.61-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp2.62+0.12

 



27504

FEATURED Property
23556701301 Begley Road
4 bedrooms 2 baths
$449,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_





26376


Member of BC Press Council


27438