TORONTO – Power Corp. of Canada (TSX:POW) saw net earning improve in the third quarter even through the company reported lower contributions from its subsidiaries.
The conglomerate, which counts Power Financial Corp. (TSX:PWF), Great-West Lifeco (TSX:GWO) and IGM Financial (TSX:IGM) among its main holdings, said net earnings attributable to shareholders were $206 million or 45 cents per share in the three months ended Sept. 30.
That was up from $200 million or 43 cents in the year-earlier period despite a drop in contributions from subsidiaries to $267 million from $295 million year over year.
Helping the results was $11 million in income from investments compared with a loss of $19 million in the 2012 period.
Operating earnings attributable to participating shareholders were $234 million or 51 cents per share compared with $236 million, also 51 cents per share, in the corresponding period in 2012.
Earlier Thursday, Power Financial report its third-quarter profit was down about five per cent to $434 million or 61 cents per share from $458 million or 65 cents a year earlier.
Excluding costs associated with Irish Life purchase by Great-West Lifeco, Power Financial’s operating earnings were $476 million or 67 cents per share.