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
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