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Power Corporation’s profits rise in Q3

By The IJ Staff | November 12 2020 01:03PM

Photo: Freepik

The Power Corporation of Canada reported its earnings results for the three and nine month periods ended September 30, 2020.

For the third quarter of 2020, net earnings attributable to participating shareholders were $505-million or $0.75 per share, up from $359-million or $0.84 per share reported in the third quarter of 2019.

For the nine months ended September 30, the company reported net earnings attributable to participating shareholders of $1.371-billion, up from $929-million earned as of September 30 in 2019. Adjusted net earnings attributable to participating shareholders were $1.316-billion, up from $918-million for the nine months ended September 30, 2019.

The company says its life operations’ contribution to net earnings per share increased by 12 per cent while the IGM Financial Inc. contribution to net earnings per share decreased by five per cent. After adjustments, IGM’s net earnings per share increased by five per cent.

Great-West Lifeco Inc. net earnings attributable to common shareholders were $826-million or $0.89 per share, compared with $730-million or $0.79 per share in the third quarter of 2019. Adjusted net earnings attributable to common shareholders were $679-million or $0.73 per share, compared with $677-million or $0.73 per share in 2019.

IGM’s net earnings available to common shareholders were $191-million or $0.80 per share, down from $202-million or $0.85 per share in 2019. Adjusted net earnings were $214-million, or $0.90 per share, up from $202-million or $0.85 per share at the end of the third quarter in 2019.

For Power Financial Corporation as a whole (Power Financial, wholly owned by Power Corporation, in turns owns the majority share of Great-West and IGM), net earnings attributable to common shareholders of Power Financial Corporation were $503-million, down from $584-million in the third quarter of 2019. Adjusted net earnings attributable to common shareholders were $436-million or $0.65 per share, down from $554-million or $0.83 per share in the third quarter of 2019.

Following the release of its earnings, Power Corporation announced that it will pay dividends on the corporation’s preferred shares, ranging between $0.31 and $0.36, payable on January 15, 2021 to shareholders of record on December 24, 2020. Power Financial will also pay quarterly dividends ranging between $0.10 and $0.36 on its preferred shares, payable on February 15, 2021 to shareholders of record on January 25, 2021.

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