Business
Power Corporation of Canada - Financial results for 2009 and dividends
Power Corporation of Canada - Financial results for 2009 and dividends
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nMONTREAL, Mar. 11, 2010 (Canada NewsWire Group) -- /CNW Telbec/ -- Power Corporation of Canada reported today operating earnings of $867 million or $1.81 per participating share for the year ended December 31, 2009, compared with $1,271 million or $2.70 per share in 2008.The decrease in operating earnings reflects a lower contribution from Power Financial Corporation and also reflects a lower level of income from investments compared with 2008.Other items, not included in operating earnings, were a net charge of $185 million or $0.41 per share in 2009. Other items in the period in 2009 include the Corporation's share of other items recorded by Power Financial, discussed below, as well as a non-cash impairment charge of $110 million related to the Corporation's investment in CITIC Pacific.In 2008, other items, not included in operating earnings, were a net charge of $403 million or $0.89 per share. Other items in the period in 2008 include the Corporation's share of other items recorded by Power Financial, as well as other items recorded by the Corporation and by Power Technology Investment Corporation, a subsidiary.As a result, net earnings were $682 million or $1.40 per share in 2009, compared with $868 million or $1.81 per share in 2008.FOURTH-QUARTER RESULTS----------------------The Corporation's operating earnings for the three-month period ended December 31, 2009 were $203 million or $0.42 per share, compared with $252 million or $0.53 per share in the same period in 2008.Other items in the fourth quarter of 2009 were a net charge of $149 million or $0.32 per share, consisting mainly of the non-cash impairment charge on CITIC Pacific, compared with a net charge of $787 million or $1.73 per share in the same period in 2008, as described below.As a result, net earnings for the fourth quarter of 2009 were $54 million or $0.10 per share, compared with a net loss of $535 million or $1.20 per share for the same period in 2008.RESULTS OF POWER FINANCIAL CORPORATION--------------------------------------Power Financial Corporation's operating earnings for the year ended December 31, 2009 were $1,533 million or $2.05 per share, compared with $1,974 million or $2.69 per share in 2008.The decrease in operating earnings reflects primarily the decrease in the contribution from the Power Financial's subsidiaries and Parjointco.Oth...