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    PARG   CH0021783391

PARGESA HOLDING

(PARG)
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Power Financial profit rises on insurance, mutual funds

08/02/2013 | 10:17am EDT

TORONTO (Reuters) - Power Financial Corp (>> Power Financial Corp) said on Friday second-quarter profit rose 10.7 percent due to higher earnings contributions from its IGM Financial (>> IGM Financial Inc.) mutual funds unit and its Great-West Lifeco (>> Great-West Lifeco Inc.) insurance subsidiary.

TORONTO (Reuters) - Power Financial Corp (>> Power Financial Corp) said on Friday second-quarter profit rose 10.7 percent due to higher earnings contributions from its IGM Financial (>> IGM Financial Inc.) mutual funds unit and its Great-West Lifeco (>> Great-West Lifeco Inc.) insurance subsidiary.

The Montreal-based company said net profit was C$475 million ($460 million), or 67 Canadian cents per share, up from a year-earlier C$429 million, or 61 Canadian cents per share.

On an operating basis, the company earned 65 Canadian cents a share. Analysts had expected, on average, 66 Canadian cents, according to Thomson Reuters I/B/E/S.

Power Financial, controlled by Montreal's Desmarais family through their Power Corp (>> Power Corporation of Canada) holding company, also owns a major stake in Swiss-based Pargesa Holding SA (>> Pargesa Holding SA).

(Reporting by Cameron French; Editing by John Wallace)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION -1.21% 42.42 Delayed Quote.10.40%
GREAT-WEST LIFECO INC. 1.01% 37.03 Delayed Quote.20.00%
IGM FINANCIAL INC. 0.04% 44.71 Delayed Quote.29.47%
PARGESA HOLDING 0.12% 80.9 End-of-day quote.0.56%
POWER CORPORATION OF CANADA 0.88% 40.27 Delayed Quote.36.26%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2019 5 604 M 6 105 M 6 105 M
Net income 2019 391 M 426 M 426 M
Net Debt 2019 4 432 M 4 828 M 4 828 M
P/E ratio 2019 17,4x
Yield 2019 3,27%
Capitalization 6 860 M 7 567 M 7 474 M
EV / Sales 2018 1,49x
EV / Sales 2019 2,01x
Nbr of Employees 5 500
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Managers and Directors
NameTitle
Marianne Le Bourdiec Managing Director
Mark Keller Financial Director
Paul Guy B. Desmarais Chairman
Victor Delloye Non-Executive Director
André Roger Desmarais Vice Chairman