Power Corp Takes Hit From Volatile Markets in 4Q; Shows Evidence of Corporate Cost-Cutting
Earnings growth at no-moat Power Corporation hit a snag in the fourth quarter, with its non-Power Financial holdings experiencing a CAD 20 million loss due to equity market declines. For comparison, these holdings had positive adjusted net earnings of CAD 139 million in the third quarter. For the year, earnings were down over 8%, with the losses of non-Power Financial holdings including Sagard and China AMC mitigated by moderate annual growth at Power Financial. Even still, earnings at Power Fin...Power is a holding company with interests in companies that are active in the financial services, communications and other business sectors. Co. operates in four segments: Great-West Lifeco Inc., which offers a range of life insurance, retirement and investment products, as well as reinsurance and specialty general insurance products; IGM Financial Inc., which offers financial planning services and investment products to its client base; Parjointco N.V., which holds interests in companies based in Europe active in various sectors, including specialty minerals, water, waste services, energy, and wines and spirits; and Other, which is made up of corporate activities of Co.
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