BUSINESS

Power Corporation says second-quarter earnings fall to $246 million

08/02/2013 11:44 EDT | Updated 10/02/2013 05:12 EDT
WINNIPEG - Power Corporation of Canada (TSX:POW) says earnings fell to $246 million in the second quarter, partly on lower contributions from its subsidiaries.

The holding company said earnings were equal to 53 cents per share, a decline from $277 million or 60 cents per share in the same period of 2012.

Subsidiaries contributed $289 million to Power Corp.'s operating earnings, versus $291 million a year earlier.

Corporate activities cost $16 million in the period, an increase from $9 million.

Power Corporation is a diversified management and holding company that holds interests, directly or indirectly, in companies that are active in the financial services, communications and other business sectors.

Its main subsidiary, Power Financial Corp. (TSX:PWF), also reported that its second-quarter net earnings increased by nearly 11 per cent to $475 million.

The international management and holding company and parent of Great-West Lifeco (TSX:GWO) and IGM Financial (TSX:IGM), said Friday that's equal to 67 cents per share, from $429 million or 61 cents per share a year earlier.

Operating earnings rose to $464 million, or 65 cents per share, from $444 million or 63 cents per share.

In addition to its holdings in Great-West and IGM, Power Financial also has 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.