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The Globe and Mail

Power Financial profit climbs 20 per cent

Power Financial Corporation president and CEO Jeffery Orr takes the podium prior to the company's annual meeting in 2007.

Paul Chiasson/The Canadian Press/Paul Chiasson/The Canadian Press

Power Financial Corp.'s quarterly profit rose 20 per cent due to stronger results at its insurance and mutual fund subsidiaries, the company said Friday.

The Winnipeg-based holding company, a unit of Power Corp. of Canada , earned a net $507-million (Canadian), or $0.72 a share, in the second quarter, up from $422-million, or $0.60 a share, in the year-before period.

Analysts had expected, on average, a profit of $0.62 a share, according to Thomson Reuters I/B/E/S.

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Power Financial, part of the Montreal-based Desmarais family empire, owns majority stakes in insurer Great-West Lifeco Inc. and mutual fund company IGM Financial Inc.

Great-West's second-quarter profit rose by 16 per cent to $526-million, while IGM's net income climbed 22 per cent to $217-million. Both companies topped analysts' estimates.

Power Financial's shares were down 1.2 per cent at $26.88 on the Toronto Stock Exchange Friday morning, moving in line with other Toronto-listed financial stocks.

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