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

May 7, 2014

The Canadian Press

TORONTO - Brookfield Asset Management Inc. (TSX:BAM.A) said Wednesday it earned $843 million in its latest quarter, up from $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 $4.37 billion, up from $4.95 billion in the first three months of 2013.

Funds from operations totalled $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 $175 billion in assets under management with a focus on real estate, renewable energy, infrastructure and private equity.

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Source: Canadian Press DataFile

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