NU Online News Service, April 26, 2004, 1:03 p.m. EDT – The stock market rebound is helping Manulife Financial Corp., Toronto, overcome the weakness of the U.S. dollar.[@@]
Manulife gets more than one-third of its revenue from the United States, and the value of the U.S. dollar in Canadian dollars was about 15% weaker at the end of the first quarter than it was at the end of the first quarter of 2003.
But U.S. earnings were up enough at the start of the year to compensate for the weakness of the dollar.
Manulife’s U.S. division is reporting $101 million in net income in U.S. currency for the latest quarter on $1.2 billion in revenue, up from $71 million in net income on $1.2 billion in revenue for the first quarter of 2003.