(March 31- 18:15 ET) -Power Financial Corporation’s consolidated net earnings for 1999 amounted to $834 million, or $2.32 per share, as against $678 million, or $1.87 per share in the prior year, the company is reporting. That’s an increase of over 24 per cent on a per share basis.
Power Financial’s share of operating earnings from its subsidiaries and affiliate increased to $621 million from $514 million in 1998, primarily reflecting significant further growth in the earnings of Great-West Lifeco Inc. and Investors Group Inc.
Other operating items, which include income from investments, operating expenses, interest expense, amortization and depreciation, and income taxes, brought the total operating results to $612 million, or $1.68 per share, from $505 million, or $1.37 per share in 1998, ahead by more than 22 per cent on a per share basis.
Other income of a non-recurring nature, which primarily includes capital gains on the sale of European assets, was $222 million, or $0.64 per share in 1999, as against $173 million, or $0.50 per share in the previous year.
For the three months ended December 31, 1999, the Corporation’s share of earnings from its subsidiaries and affiliate was $165 million, compared with $136 million in 1998.
Other operating items brought earnings from operations during the quarter to $163 million or $0.45 per share, compared with $133 million or $0.36 per share in 1998, an increase of 25 per cent on a per share basis. Consolidated net earnings, which include
Other non-recurring income, were $171 million or $0.47 per share, as against $144 million or $0.39 per share for the fourth quarter of 1998, ahead by more than 20 per cent on a per share basis.
-IE Staff