Power Corporation (POW) has reported that its second quarter net profit fell 47% from a year
earlier to $527 million.
The Montreal-based holding company that has interests in insurance, wealth management and
various investments, reported a net profit of $0.78 per share, compared with $1.47 a share a
year ago.
Power Corp., which holds a 67% interest in Great-West Life insurance (GWO), said that
company's contribution to its net earnings declined 6.5%. IGM Financial’s (IGM) contribution
Power Corp.’s net earnings decreased by 12.8% in the quarter.
Power Corp. also has a 15% stake in Groupe Bruxelles Lambert (GBLB) and said that company
had a negative contribution to its Q2 earnings of $44 million due to impairment charges in its
alternative asset portfolio.
So far this year, Power Corp.’s stock has fallen 19% to trade at $33.99 per share.
