Power Corp. of Canada says its net earnings from continuing operations were $408 million in the fourth quarter, down from $933 million during the same period last year.
On a per share basis, its net earnings from continuing operations came in at 64 cents during the period, down from $1.44 during last year’s fourth quarter.
The Montreal-based management and holding company, which holds a 68.7% interest in Great-West Lifeco, says that company’s net earnings from continuing operations reached $1.05 billion compared with $1.12 billion in the prior year quarter.
Power Corp. also holds a 62.9% stake in IGM Financial Inc. and says that the company’s net earnings came in at $322.4 million in the fourth quarter, up year over year from $254.7 million.
In February, Power Corp. named James O’Sullivan as its next president and chief executive, effective July 1.
He will succeed Jeffrey Orr, who will become vice-chair and stand for re-election to Power’s board of directors at the company’s annual meeting.