Business
Power Corporation of Canada Reports 2011 Second Quarter Financial Results and Dividends
Readers are referred to the sections entitled "Forward-looking Statements" and "Non-IFRS Fina...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\n\n\nReaders are referred to the sections entitled \"Forward-looking\n Statements\" and \"Non-IFRS Financial Measures\" at the end of\n this release. The Corporation's financial results are reported\n under International Financial Reporting Standards (IFRS) and all\n comparative figures have been restated accordingly\n\n\nWINNIPEG, MB, Aug. 5, 2011 /CNW Telbec/ - Power Corporation of Canada's\n operating earnings for the six-month period ended June 30, 2011 were\n $594 million or $1.24 per share, compared with $481 million or $1.01\n per share in the corresponding period of 2010. This represents a 23.7%\n increase on a per share basis.\n\n\nThe increase in operating earnings reflects a higher contribution from\n Power Financial Corporation, a subsidiary of the Corporation, and\n higher income from investments.\n\n\nSubsidiaries contributed $587 million to Power Corporation's operating\n earnings for the six-month period ended June 30, 2011, compared with\n $530 million in the corresponding period of 2010. Results from\n corporate activities were a net contribution of $7 million in the\n six-month period ended June 30, 2011, compared with a charge of\n $49 million in the same period in 2010. This increase is mainly due to\n income from investments generated by the Corporation's interest in the\n Sagard 1 fund in Europe which is managed by Sagard SAS, a subsidiary of\n the Corporation.\n\n\nOther items represented a charge of $2 million in the six-month period\n ended June 30, 2011. In the corresponding period of 2010, other items\n were a charge of $131 million and consisted mainly of an impairment\n charge on the value of the Corporation's investment in CITIC Pacific,\n as required by IFRS.\n\n\nNet earnings attributable to participating shareholders (including other\n items and after dividends on non-participating shares) for the\n six-month period ended June 30, 2011 were $572 million or $1.24 per\n share, compared with $330 million or $0.72 per share in the\n corresponding period of 2010.\n\n\nSECOND QUARTER RESULTS \n\n\nOperating earnings for the three-month period ended June 30, 2011 were\n $366 million or $0.77 per share, compared with $262 million or $0.55\n per share in the corresponding period in 2010. This repres...