MONTREAL – Power Financial Corp. (TSX: PWF) says it its first-quarter profits were up from a year ago as results at its Great-West Lifeco Inc. and IGM Financial Inc. subsidiaries improved.
The financial services conglomerate said its profit attributable to common shareholders totalled $467 million or 66 cents per share, in its first quarter ended March 31.That was up from $394 million, or 55 cents per share, in the same quarter of 2013.
Operating earnings totalled $440 million, or 62 cents per share, compared with $407 million, or 57 cents per share, year-over-year.
Revenues were $10.58 billion compared with $8.15 billion year-over-year.
In addition to its holdings in Great-West (TSX:GWO) and IGM (TSX:IGM), Power Financial also holds a 50 per cent increase in Parjointco N.V., which in turn has about a 55.6 per cent equity interest in Pargesa Holding SA.
Great-West Lifeco’s contribution to Power Financial’s operating earnings was $393 million for the quarter ended March 31, 2014, compared with $353 million in 2013.
Meanwhile, IGM contributed $116 million to Power Financial’s operating earnings for the quarter ended March 31, 2014, compared with $107 million in 2013.
Power Financial’s share of Pargesa included a loss of $17 million in operating results compared with a $5-million loss a year ago.