Monday, September 15th12.2°C
23373
22916

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

23104


Recent Trending




Today's Market
S&P TSX15482.56-49.021
S&P CDNX981.50-6.43
DJIA17031.1443.63
Nasdaq4518.903-48.696
S&P 5001984.13-1.41
CDN Dollar0.9039-0.0008
Gold1236.80+1.7001
Oil92.79-0.13
Lumber349.00+1.00
Natural Gas3.977-0.02

 
Okanagan Companies
Pacific Safety0.18-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.29-0.01
Cantex0.06-0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.065-0.005
Russel Metals36.17-0.09
Copper Mountain Mining2.70-0.18
Colorado Resources0.155-0.01
ReliaBrand Inc0.024-0.0078
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.265-0.01

 



22784

FEATURED Property
2071164175 Rains Road
$215,000
more details
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_



23109




Member of BC Press Council


22962