Power Corp.'s Q2 profits fall 71% to $527M
BNN Bloomberg
Power Corporation of Canada says it earned $527 million in the second quarter, a 71% 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.