Brookfield Asset Management reports US843M Q1 profit up from 697M a year

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Canadian Press Posted May 7, 2014 7:06 am MDT 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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