Incorporated in 1925, Power Corporation of Canada is a diversified international management and holding company with interests in companies that are active in the financial services, communications and other business sectors.Power Corporation holds the controlling interest in Power Financial Corporation and a 100% interest in Gesca and PTIC.
Power Corp of Canada Q1 profit up 15%
Net earnings attributable to shareholders for the three-month period that ended March 31 were $264 million or $0.57 per share, compared with $216 million or $0.47 per share, in the corresponding period in 2011.
The company benefited from a $30 million gain realized by Groupe Bruxelles Lambert on the partial sale of wine and spirits producer Pernod Ricard shares, and $28 million on the disposal of shares of Arkema, a French chemicals producer.
Revenue totalled $7.22 billion, up slightly from $7.03 billion.
Shares rose two cents, or 0.08 percent reaching $24.54 each in trade on the Toronto Stock Exchange.
Power Corporation of Canada is a diversified management and holding company that holds interests, directly or indirectly, in companies that are active in the financial services, communications and other business sectors.
In the latest quarter, subsidiaries contributed $244 million to operating earnings, the company said. That is down by 1.6 percent from $248 million a year-earlier.
The company’s subsidiary, Power Financial – whose primary business is insurance and mutual funds – netted net profits attributable to common shareholders of $455 million, or 64 cents per share, up from the $370 million, or 52 cents a share, in 2011.
Power Corp.’s board also declared a quarterly dividend of 29 cents per share on participating preferred and subordinating voting shares. The payout will be given to shareholders on June 29.