Business
Nine-month operating earnings increase 33.1%
Readers are referred to the Forward-looking Statements and Non-GAAP Financial Measures sections a...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nReaders are referred to the Forward-looking Statements and Non-GAAP\n\n\nFinancial Measures sections at the end of this release.\n\n\nMONTREAL, Nov. 8 /CNW Telbec/ - Power Corporation of Canada's operating\nearnings for the nine-month period ended September 30, 2007 were\n$1,149 million or $2.47 per share, compared with $866 million or $1.85 per\nshare in the corresponding period of 2006. This represents a 33.1% increase on\na per share basis.\n\n\nGrowth in operating earnings reflects an increase of 19% in the\ncontribution from Power Financial, as well as a significant increase in income\nfrom investments, generated primarily by the Corporation's operations as a\nQualified Foreign Institutional Investor in China, its portfolio of investment\nfunds in North America, its interest in Sagard 1 Fund in Europe and dividends\nreceived from its investment in Citic Pacific.\n\n\nOther income was a charge of $36 million or $0.08 per share for the\nnine-month period in 2007, reflecting primarily the Corporation's share of a\n$97 million after tax provision recorded in the third quarter by Great-West\nLifeco for certain Canadian retirement plans, as well as other items. Other\nincome was $238 million or $0.53 per share in 2006, primarily composed of the\nCorporation's share, in the amount of $236 million, of the gain resulting from\nthe sale by Groupe Bruxelles Lambert of its 25.1% interest in Bertelsmann AG.\n\n\nNet earnings for the nine months ended September 30, 2007 were\n$1,113 million or $2.39 per share, compared with $1,104 million or $2.38 per\nshare in the same period of 2006.\n\n\nTHIRD-QUARTER RESULTS\n\n\n---------------------\n\n\nFor the quarter ended September 30, 2007, operating earnings of the\nCorporation were $392 million or $0.84 per share, compared with $273 million\nor $0.58 per share in the third quarter of 2006. This represents an increase\nof 44.6% on a per share basis.\n\n\nOther items for the third quarter of 2007 were a charge of $38 million or\n$0.08 per share reflecting primarily the impact of the provision recorded by\nGreat-West Lifeco as described above. For the corresponding period in 2006,\nother items were $236 million or $0.52 per share, representing essentially the\nCorporation's share of the gain recorded by GBL from the sale of its interest\nin Bertelsmann.\n\n\nNet earnings for the quarter...