Power Financial profit falls, misses expectations

TORONTO (Reuters) - Power Financial Corp said on Wednesday that fourth-quarter profit fell as earnings at its IGM Financial mutual funds unit dipped and income at its Great-West Lifeco insurance operation dropped.

The Montreal-based company said operating earnings fell to C$406 million ($396 million), or 57 Canadian cents a share, from C$422 million, or 52 Canadian cents, in the same quarter a year earlier.

Analysts had expected, on average, a profit of 58 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Power Financial, controlled by Montreal's Desmarais family through its Power Corp holding company, also owns a major stake in Swiss-based Pargesa Holding SA .

On an operating basis, Great-West contributed C$337 million to Power Financial's profit, down from C$342 million, while IGM contributed C$106 million, down from C$113 million.

Shares of Power Corp were down 58 Canadian cents to C$26.85 on the Toronto Stock Exchange.

(Reporting by Andrea Hopkins; Editing by Frank McGurty and Jeffrey Benkoe)

Source: http://news.yahoo.com/power-financial-profit-falls-misses-expectations-165649377--sector.html

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