Business
Power Corporation of Canada - Nine-Month Results and Dividends
Power Corporation of Canada - Nine-Month Results and Dividends
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 12 /CNW Telbec/ -- Power Corporation of Canada's operating earnings for the nine-month period ended September 30, 2009 were $664 million or $1.39 per share, compared with $1,019 million or $2.16 per share in the corresponding period of 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.For the nine-month period ended September 30, 2009, subsidiaries contributed $708 million to the Corporation's operating earnings, compared with $984 million in 2008.Other items were a charge of $36 million or $0.08 per share in the nine-month period ended September 30, 2009, compared with earnings of $384 million or $0.84 per share in the corresponding period of 2008, and consisted mainly of the Corporation's share of non-operating results recorded by Power Financial. Included in the 2008 amount is $313 million representing the Corporation's share of the gain recorded by Great-West Lifeco on the disposal of its U.S. healthcare business.As a result, net earnings for the period were $628 million or $1.31 per share, compared with $1,403 million or $3.00 per share in the corresponding period of 2008.THIRD-QUARTER RESULTS---------------------For the quarter ended September 30, 2009, operating earnings of the Corporation were $252 million or $0.53 per share, compared with $334 million or $0.71 per share in the third quarter of 2008.For the three-month period ended September 30, 2009, subsidiaries contributed $288 million to the Corporation's operating earnings, compared with $293 million in 2008. The decrease in operating earnings in 2009 also reflects a lower level of income from investments compared with 2008.Other items for the third quarter of 2009 were a charge of $2 million or $0.01 per share. For the corresponding period in 2008, other items were a charge of $2 million or $0.01 per share.Net earnings for the quarter were $250 million or $0.52 per share in 2009, compared with $332 million or $0.70 per share in 2008.RESULTS OF POWER FINANCIAL CORPORATION--------------------------------------Power Financial Corporation's operating earnings for the nine-month period ended September 30, 2009 were $1,149 million or $1.54 per share, compared with $1,540 million ...