Saturday, November 22nd1.5°C
24124
24056

Brookfield Asset Management reports US$843M Q1 profit, up from $697M a year ago

TORONTO - Brookfield Asset Management Inc. (TSX:BAM.A) said Wednesday it earned US$843 million in its latest quarter, up from US$697 million a year ago.

The company said the profit amounted to 80 per diluted share for the quarter ended March 31, up from 51 cents per diluted share a year ago.

Brookfield said the increase was due in part to an increase in the value on its office and retail properties and private equity investments, offset in part due to a change in tax rates.

Revenue totalled US$4.37 billion, down from $4.95 billion in the first three months of 2013.

Funds from operations totalled US$492 million or 72 cents per share, down from $689 million or $1.03 per share a year ago when the results were boosted by the sale of part of its renewable energy portfolio.

"Our global portfolio of real assets turned in a strong performance, including a significant increase in fee revenues and the contribution from our renewable energy investments," Brookfield chief executive Bruce Flatt said in a statement.

"We continue to see attractive investment opportunities globally for all of our funds, benefiting from both our strong access to capital and operating platforms."

Brookfield holds over US$175 billion in assets under management with a focus on real estate, renewable energy, infrastructure and private equity.

On the Toronto Stock Exchange, Brookfield Asset shares rose 41 cents to C$46 on Wednesday.

Note to readers: This is a corrected story: A previous version said revenue was up from the previous quarter

The Canadian Press


Read more Business News

23872


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744




FEATURED Property
2133097Centrally located Townhouse for Sale by Owner
$294,000
more details
image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24158

24156


Member of BC Press Council


22842