Business
Power Corporation of Canada - Six-month results and dividend
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\nWINNIPEG, July 31 /CNW Telbec/ - Power Corporation of Canada's operating\nearnings for the six-month period ended June 30, 2008 were $685 million or\n$1.45 per share, compared with $757 million or $1.62 per share in the\ncorresponding period of 2007.\n\n\nFor the six-month period ended June 30, 2008, subsidiaries contributed\n$692 million to the Corporation's operating earnings, compared with\n$665 million in 2007.\n\n\nThe decrease in operating earnings in 2008 reflects a lower level of\nincome from investments compared with 2007 when the Corporation recorded\nsubstantial gains generated by its investment in the Sagard 1 Fund in Europe\nand its QFII operations in China.\n\n\nOther income was $386 million or $0.85 per share in the six-month period\nended June 30, 2008, compared with $2 million or $0.01 per share in the\ncorresponding period of 2007, and consisted mainly of the Corporation's share\nof non-operating earnings recorded by Power Financial as discussed below.\n\n\nAs a result, net earnings for the period were $1,071 million or $2.30 per\nshare, compared with $759 million or $1.63 per share in the corresponding\nperiod of 2007.\n\n\nSECOND-QUARTER RESULTS\n\n\n----------------------\n\n\nFor the quarter ended June 30, 2008, operating earnings of the\nCorporation were $381 million or $0.81 per share, compared with $394 million\nor $0.84 per share in the second quarter of 2007. Subsidiaries contributed\n$383 million to Power Corporation's operating earnings in the second quarter\nof 2008, compared with $363 million in the second quarter of 2007.\n\n\nOther income for the second quarter in 2008 was $314 million or $0.69 per\nshare, compared with $2 million or $0.01 per share in same quarter of 2007.\n\n\nNet earnings for the quarter were therefore $695 million or $1.50 per\nshare in 2008, compared with $396 million or $0.85 per share in 2007.\n\n\nRESULTS OF POWER FINANCIAL CORPORATION\n\n\n--------------------------------------\n\n\nPower Financial Corporation's operating earnings for the six-month period\nended June 30, 2008 were $1,081 million or $1.48 per share, compared with\n$1,052 million or $1.43 per share in the corresponding period in 2007....