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Aug 8, 2022

Power Corp.'s Q2 profits fall 47% to $527M

Brian Acker discusses Power Corporation

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Power Corporation of Canada says it earned $527 million in the second quarter, a 47 per cent decline from the prior year's quarter.

The Montreal-based management and holding company — which holds economic interests in insurance, retirement, wealth management and investment businesses — reported net profit of 78 cents per share, compared with the $994 million or $1.47 per share it earned in the second quarter of 2021.

On an adjusted basis, Power Corp. reported second-quarter net earnings of $584 million or 87 cents per share, compared with $1.02 billion or $1.51 per share in 2021.

Power Corp., which holds a 66.6 per cent interest in Great-West Lifeco, says that company's contribution to its net earnings decreased by 6.5 per cent and contribution to adjusted net earnings was comparable with 2021.

Power Corp. also holds a 62.2 per cent stake in IGM Financial Inc. and says that company's contribution to net earnings decreased by 12.8 per cent.

The company holds a 14.9 per cent interest in Groupe Bruxelles Lambert and says GBL had a negative contribution to earnings of $44 million in the second quarter, including fair value decreases and impairments in its alternative asset portfolio.

Canadian Press correction: In an Aug. 5 story about Power Corp.'s second-quarter results and the accompanying headline, The Canadian Press erroneously reported that its earnings of $527 million represented a 71 per cent decline from the prior year's quarter. In fact, the $527 million was a 46.9 per cent decline.