March 14, 2012 / 8:03 PM / 5 years ago

Power Corp profit rises on financial results

March 14 (Reuters) - Power Corp of Canada's quarterly profit rose 37 percent on stronger results at its financial services subsidiary, the holding company said on Wednesday.

Power, which is controlled by Montreal's Desmarais family, earned C$314 million ($316.7 million), or 68 Canadian cents a share, in the fourth quarter. That compared with a year-earlier profit of C$229 million, or 50 Canadian cents a share.

Earlier on Wednesday, the company's 66-percent-owned Power Financial subsidiary reported a 37 percent rise in fourth-quarter profit, helped by the release of a litigation provision at its Great-West Lifeco subsidiary.

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