Business
Operating earnings increase 25.3% over 2006
Readers are referred to the sections entitled "Forward-looking Statements" and "Non-GAAP Financia...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nReaders are referred to the sections entitled "Forward-looking\n\n\nStatements" and "Non-GAAP Financial Measures" at the end of this release.\n\n\nMONTREAL, March 13 /CNW Telbec/ - Power Corporation of Canada reported\ntoday operating earnings of $1,458 million or $3.12 per participating share\nfor the year ended December 31, 2007, compared with $1,166 million or $2.49\nper share in 2006. This represents a 25.3% increase on a per share basis.\n\n\nGrowth in operating earnings reflect an increase of $186 million or 16.3%\nin the contribution from subsidiaries, primarily driven by the growth of 15.8%\nin operating earnings recorded by Power Financial in 2007, as well as a\nsignificant increase from income from investments, which was primarily\nrecorded in previous quarters.\n\n\nOther items, not included in operating earnings, were $5 million or $0.01\nper share in 2007, compared with $227 million or $0.51 per share in 2006,\nwhich included an amount of $236 million or $0.52 per share representing the\nimpact of the gain recorded by Groupe Bruxelles Lambert on the sale of its\ninterest in Bertelsmann.\n\n\nAs a result, net earnings were $1,463 million or $3.13 per share in 2007,\ncompared with $1,393 million or $3.00 per share in 2006.\n\n\nFOURTH-QUARTER RESULTS\n\n\n----------------------\n\n\nThe Corporation's operating earnings for the three-month period ended\nDecember 31, 2007 were $309 million or $0.66 per share, compared with\n$300 million or $0.64 per share in the same period in 2006. This represents a\n2.7% increase on a per share basis.\n\n\nGrowth in operating earnings reflects a $20 million decrease in results\nfrom corporate activities resulting in particular from a lower contribution\nfrom investment funds in 2007, and a 6.0% increase in Power Financial's\noperating earnings, as discussed below.\n\n\nOther items in the fourth quarter of 2007 were $41 million or $0.09 per\nshare, compared with a charge of $11 million or $0.02 per share in the same\nperiod in 2006. Other items in the period in 2007 include the Corporation's\nshare of other items recorded by Power Financial, as well as other items\nrecorded by the Corporation and Power Technology Investment Corporation, a\nsubsidiary.\n\n\nAs a result, net earnings for the fourth quarter of 2007 were\n$350 million or $0.75 per share, compare...