Power Corporation Reports Third Quarter and Nine-Month Financial Results and Dividends

Adjusted net earnings attributable to participating shareholders (a non-IFRS financial measure) were $1,141 million 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 (IGM) favourable revaluation of its registered pension plan obligation.

RESULTS OF POWER FINANCIAL CORPORATION
FOR THE PERIOD ENDED SEPTEMBER 30

THIRD QUARTER RESULTS

Power Financial reported net earnings attributable to common shareholders of $463 million or $0.65 per share, compared with $539 million or $0.76 per share in 2016.

For the third quarter, Lifeco's net earnings included property catastrophe reinsurance losses of $175 million after tax relating to estimated claims resulting from the impact of Hurricanes Harvey, Irma and Maria which reduced Lifeco's net earnings per share by $0.177. Power Financial's share of this loss was $123 million or $0.17 per share. Excluding this charge, net earnings of Power Financial were $586 million or $0.82 per share.

NINE-MONTH RESULTS

Power Financial reported net earnings attributable to common shareholders of $1,492 million or $2.09 per share, compared with $1,303 million or $1.83 per share in 2016.

Adjusted net earnings attributable to common shareholders were $1,588 million or $2.22 per share, compared with $1,589 million or $2.23 per share in 2016.

Other items, not included in adjusted net earnings, resulted in a net charge of $96 million representing Power Financial's share of Lifeco's restructuring charges to realign its Canadian operations and of IGM's favourable revaluation of its registered pension plan obligation.

At September 30, 2017, Power Corporation held a 65.6% economic interest in Power Financial. Power Financial's contribution to Power Corporation's net earnings was $304 million for the quarter, compared with $354 million in 2016. For the nine-month period, Power Financial contributed $978 million to Power Corporation's net earnings, compared with $855 million in 2016. For the nine-month period, Power Financial contributed $1,041 million to Power Corporation's adjusted net earnings, compared with $1,043 million in 2016.

SAGARD INVESTMENT FUNDS, CHINA AMC AND OTHER INVESTMENTS
FOR THE PERIOD ENDED SEPTEMBER 30

THIRD QUARTER RESULTS

Income from investments was $219 million, compared with $4 million in 2016. Income from investments includes a non-cash gain of $174 million on the Corporation's investment in China Asset Management Co., Ltd. (China AMC); income of $34 million from the Sagard Investment Funds; and income of $8 million in Other Investments.

NINE-MONTH RESULTS

Income from investments was $306 million, compared with a loss of $45 million in 2016.

DIVIDEND ON PARTICIPATING SHARES

The Board of Directors today declared a quarterly dividend of 35.85 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable December 29, 2017 to shareholders of record December 8, 2017.

DIVIDENDS ON NON-PARTICIPATING PREFERRED SHARES

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, as follows:

ABOUT POWER CORPORATION

Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, renewable energy, communications and other business sectors in North America, Europe and Asia. To learn more, visit www.powercorporation.com.

EARNINGS SUMMARY
(unaudited)		Three months ended				Nine months ended
(in millions of Canadian dollars, except per share amounts)		September 30,				September 30,
		2017		2016		2017		2016
Adjusted net earnings
Power Financial		305		362		1,041		1,043
Other subsidiaries [1]		(10)		(12)		(65)		(50)
		295		350		976		993
Corporate operations
	Income – Sagard Investment Funds, China AMC and Other Investments [2]	219		4		306		(45)
	Operating and other expenses	(30)		(30)		(102) Werbung Mehr Nachrichten zur Power Corporation Of Canada Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 25.04.24 - PR Newswire BH Macro Limited - Transaction in Own Shares 25.04.24 - PR Newswire Moonpig Group Plc - Holding(s) in Company 25.04.24 - PR Newswire Everest Global Plc - Result of AGM SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59