(July 27 – 14:00 ET) Power Financial Corp.’s says its share of operating earnings from its subsidiaries and affiliate for the six months ended June 30, increased to $356 million from $294 million during the same period in 1999. The financial holding company says the jump is due to significantly increased earnings of Great-West Lifeco Inc. and Investors Group Inc.
Net income of Great-West Lifeco Inc. for the first half of 2000 was $321 million, compared with $273 million for the same period in 1999.
Net income of Investors Group Inc. for the first half of 2000 was $128 million, compared with $106 million in 1999.
Including other income of a non-recurring nature, Power Financial’s consolidated net earnings for the six months ended June 30 were $379 million or $1.05 a share vs $499 million or $1.39 a share in the same period in 1999.
Revenues for the six months were $7.9. billion, compared to $7 billion a year ago.
The Board of Directors today declared a dividend of 18¢ a share on the common shares payable November 1. Dividends on several classes of preferred shares were also declared.
-IE Staff