Power Corp. Q3 Profit Rises

(RTTNews) - Power Corporation of Canada (POW_PR_F.TO, POW.TO), an international management and holding company focused on financial services, reported higher third-quarter earnings, reflecting stronger contributions from its publicly traded operating companies and growth in its alternative asset investment platforms.

Net earnings attributable to participating shareholders for the third quarter increased to C$1.006 billion, or C$1.60 per share, from C$703 million, or C$1.10 per share, in the year-ago quarter.

Adjusted net earnings, a non-IFRS measure, rose to C$964 million, or C$1.53 per share, from C$863 million, or C$1.35 per share.

The increase in reported earnings included a net positive impact of C$42 million from adjustments, compared with a net negative impact of C$160 million a year earlier.

Among its major holdings, Great-West Lifeco reported net earnings of C$1.139 billion, down from C$1.158 billion, while adjusted net earnings increased 8% to C$1.323 billion. IGM Financial's net earnings climbed to C$487.5 million from C$298.1 million, including the Northleaf acquisition gain. Its adjusted net earnings rose to C$351.1 million from C$301.2 million.