(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.