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Power Corporation announces third-quarter results

By The IJ Staff | November 14 2017 11:30AM

Photo: Freepik

Power Corporation of Canada has announced third-quarter net earnings attributable to participating shareholders of $470 million or $1.02 per share, compared with $303 million or 65 cents per share for the same period last year.

The company announced on Nov. 10 that net earnings attributable to participating shareholders include the corporation's share of a $175-million charge at Great-West Lifeco Inc. related to recent hurricanes. Excluding this charge, net earnings of Power Corporation were $551 million or $1.19 per share.

For the nine-month period, adjusted net earnings attributable to participating shareholders were $1.141 billion or $2.46 per share, compared with $811 million or $1.75 per share in 2016.

Other items, not included in adjusted net earnings, resulted in a net charge of $63 million. Other items, recorded in the second quarter, consisted of the corporation's share of Lifeco's restructuring charges to realign its Canadian operations and of IGM Financial Inc.'s favourable revaluation of its registered pension plan obligation.

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