Business
Power Corporation of Canada - Nine-month results and dividends
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, Nov. 11 /CNW Telbec/ - Power Corporation of Canada's operating\nearnings for the nine-month period ended September 30, 2008 were $1,019\nmillion or $2.16 per share, compared with $1,149 million or $2.47 per share in\nthe corresponding period of 2007.\n\n\nFor the nine-month period ended September 30, 2008, subsidiaries\ncontributed $984 million to the Corporation's operating earnings, compared\nwith $1,003 million in 2007. The decrease in operating earnings in 2008 also\nreflects a lower level of income from investments compared with 2007 when the\nCorporation recorded substantial gains in its QFII operations in China.\n\n\nOther income was $384 million or $0.84 per share in the nine-month period\nended September 30, 2008, compared with a charge of $36 million or $0.08 per\nshare in the corresponding period of 2007, and consisted mainly of the\nCorporation's share of non-operating earnings recorded by Power Financial.\n\n\nAs a result, net earnings for the period were $1,403 million or $3.00 per\nshare, compared with $1,113 million or $2.39 per share in the corresponding\nperiod of 2007.\n\n\nTHIRD-QUARTER RESULTS\n\n\n---------------------\n\n\nFor the quarter ended September 30, 2008, operating earnings of the\nCorporation were $334 million or $0.71 per share, compared with $392 million\nor $0.84 per share in the third quarter of 2007.\n\n\nFor the three-month period ended September 30, 2008, subsidiaries\ncontributed $293 million to the Corporation's operating earnings, compared\nwith $338 million in 2007. Also contributing to the decrease in operating\nearnings were lower earnings from the Corporation's QFII operations in China.\n\n\nOther items for the third quarter of 2008 were a charge of $2 million or\n$0.01 per share. For the corresponding period in 2007, other items were a\ncharge of $38 million or $0.08 per share.\n\n\nNet earnings for the quarter were $332 million or $0.70 per share in\n2008, compared with $354 million or $0.76 per share in 2007.\n\n\nRESULTS OF POWER FINANCIAL CORPORATION\n\n\n--------------------------------------\n\n\nPower Financial Corporation's operating earnings for the nine-month\nperiod ended September 30, 200...