Power Corp. third-quarter profits attributable to shareholders surge to $505 million

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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)

The Canadian Press