Paul Desmarais Jr., Chairman and Co-Chief Executive Officer of the Power Corporation of Canada, attends their annual shareholder meeting in Toronto on May 12, 2017. THE CANADIAN PRESS/Mark Blinch
November 12, 2020 - 10:32 AM
MONTREAL - Power Corp. says its net profit attributable to shareholders surged more than 40 per cent in the third quarter to $505 million from $359 million a year earlier.
The Montreal-based holding company says it earned 75 cents per share for the three months ended Sept. 30, compared with 84 cents per share a year earlier, before its February organization that eliminated its dual holding structure.
Total company profits including non-controlling interests fell to $898 million from $971 million.
Adjusted profits increased to $438 million or 65 cents per share, from $308 million or 72 cents per share in the third quarter of 2019.
Revenues decreased 4.8 per cent to $14.68 billion from $15.42 billion in the prior year's quarter.
Power holds full control of Power Financial and with that majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.
This report by The Canadian Press was first published Nov. 12, 2020.
Companies in this story: (TSX:POW)
News from © The Canadian Press, 2020