Power Corp Profit Falls on Low Investments

12 November 2009 (Last Updated November 12th, 2009 18:30)

Power Corp of Canada posted a 25% drop in third-quarter profit as key operating subsidiaries contributed less and income and investments dropped. The Montreal-based holding company reported a net income of C$250m ($236m), or 52 Canadian cents a share, in the three months ending 30 Septe

Power Corp of Canada posted a 25% drop in third-quarter profit as key operating subsidiaries contributed less and income and investments dropped.

The Montreal-based holding company reported a net income of C$250m ($236m), or 52 Canadian cents a share, in the three months ending 30 September.

The figure was down from C$332m, or 70 Canadian cents a share, a year earlier.

Power Corp said operating earnings were C$252m, or 53 Canadian cents a share, down from C$334m, or 71 Canadian cents a share.

Analysts expected earnings of 61 Canadian cents a share, according to Thomson Reuters.

Power Corp said subsidiaries contributed C$288m to its operating earnings, down from $293m last year.