Business
Power Corporation of Canada Reports 2011 Third Quarter Financial Results and Dividends
TORONTO, Nov. 11, 2011 /CNW Telbec/ - Power Corporation of Canada's operating earnings for th...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 11, 2011 /CNW Telbec/ - Power Corporation of Canada's\n operating earnings for the nine-month period ended September 30, 2011\n were $942 million or $1.98 per share, compared with $756 million or\n $1.58 per share in the corresponding period of 2010. This represents a\n 25.1% 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 $871 million to Power Corporation's operating\n earnings for the nine-month period ended September 30, 2011, compared\n with $823 million in the corresponding period of 2010. Results from\n corporate activities were a net contribution of $71 million in the\n nine-month period ended September 30, 2011, compared with a net charge\n of $67 million in the same period in 2010. This increase is mainly due\n to income from investments generated by the Corporation's interest in\n the Sagard 1 fund in Europe which is managed by Sagard SAS, a\n subsidiary of the Corporation, and income from other investment funds.\n\n\nOther items in the nine-month period ended September 30, 2011\n represented a charge of $150 million and include a write-down of the\n Corporation's investment in CITIC Pacific for an amount of $72 million\n recorded in the third quarter. Also included in other items is the\n Corporation's share (in the amount of $87 million) of Pargesa's\n impairment charge recorded in the third quarter on its indirect\n investment in Lafarge S.A. In the corresponding nine-month period of\n 2010, other items were a charge of $227 million and included an\n impairment charge on CITIC Pacific of $133 million and the\n Corporation's share (in the amount of $96 million) of a litigation\n provision recorded by Great-West Lifeco Inc. (Lifeco), a subsidiary of\n Power Financial.\n\n\nNet earnings attributable to participating shareholders (including other\n items and after dividends on non-participating shares) for the\n nine-month period ended September 30, 2011 were $761 million or\n $1.66 per share, compared with $498 million or $1.09 per share in the\n corresponding period of 2010.\n\n\nTHIRD QUARTER RESULTS\n\n\nOperating earni...