Business
Power Corporation of Canada - Dividend increase 20.2%
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, May 9 /CNW Telbec/ - Power Corporation of Canada's operating\nearnings for the three-month period ended March 31, 2008 were $304 million or\n$0.64 per share, compared with $363 million or $0.78 per share in the\ncorresponding period of 2007.\n\n\nThe decrease in operating earnings in 2008 reflects a lower level of\nincome from investments in 2008 compared with 2007 where the Corporation\nrecorded substantial gains generated by the Corporation's investment in the\nSagard 1 Fund in Europe and the Corporation's QFII operations in China.\n\n\nOther income was $72 million or $0.16 per share in the first quarter of\n2008, compared with nil in the first quarter of 2007 and consisted of the\nCorporation's share of non-operating earnings recorded by Power Financial as\ndiscussed below.\n\n\nAs a result, net earnings for the period were $376 million or $0.80 per\nshare, compared with $363 million or $0.78 per share in the first quarter of\n2007.\n\n\nRESULTS OF POWER FINANCIAL CORPORATION\n\n\n--------------------------------------\n\n\nPower Financial Corporation's operating earnings for the three-month\nperiod ended March 31, 2008 were $491 million or $0.67 per share, compared\nwith $482 million or $0.66 per share in the corresponding period in 2007. This\nrepresents a 1.8% increase on a per share basis. Earnings were impacted by the\nincrease in the foreign exchange value of the Canadian dollar compared with\nGreat-West Lifeco's major operating currencies. Based upon Lifeco's growth in\nearnings on a constant currency basis, Power Financial's operating earnings on\na per share basis for the quarter would have increased by 9.0%.\n\n\nGrowth in operating earnings reflects primarily growth in the\ncontribution from the corporation's subsidiaries and Parjointco.\n\n\nOther income was $95 million or $0.13 per share in the first quarter of\n2008 and consisted of Power Financial's share of non-operating earnings\nrecorded by Lifeco as well as by Pargesa.\n\n\nThe 2008 results of Great-West Lifeco include two non-recurring items\nthat totalled $118 million, after tax, or $0.132 per common share. A gain of\napproximately $176 million was realized in connection wi...