December 4, 2022

The Queens County Citizen

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Power Corporation makes record profits in 2021

Power Corporation makes record profits in 2021

(Montreal) Power Corporation of Canada reported record profits last year, with net income steady for the fourth quarter.

Posted yesterday at 9:17 pm.

The Montreal-based holding company attributed its share of profits to $ 2.92 billion a year, up from $ 1.99 billion in 2020, but adjusted profit rose 55% to $ 4.77 per share.

Power Corporation for a period of three months ending 31 December. It earned 623 million or 93 cents a share in the quarter a year ago, 623 million or 92 cents.

Adjusted earnings for the quarter rose to $ 676 million, or $ 1 per share, and to $ 627 million, or 93 cents, for the fourth quarter of 2020, according to analysts.

The company said it had achieved a targeted cost reduction of $ 50 million after the completion of its restructuring in February 2020, when it acquired a minority stake in Power Financial.

Power Corporation has complete control over Power Financial and therefore has a majority interest in Great-West Lifeco, IGM Financial and WealthSimple Financial Corporation, as well as a minority interest in Pargesa Holding.

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