BUSINESS

Brookfield Asset Management first-quarter profit down from year ago

05/09/2013 11:26 EDT | Updated 07/09/2013 05:12 EDT
TORONTO - Brookfield Asset Management Inc. (TSX:BAM.A) said Thursday it earned US$697 million in its latest quarter, down from a year ago.

The conglomerate, which keeps its books in U.S. dollars, said the profit attributable to shareholders amounted to 51 cents per diluted share compared with $722 million or 60 cents per share a year ago.

Revenue totalled $4.95 billion, up from $4.04 billion.

Funds from operations were $689 million, up from $515 million in the first quarter of 2012.

"Our operating performance was strong in the first quarter of 2013, with virtually all of the operations contributing growth," Brookfield chief executive Bruce Flatt said in a statement.

"Performance was good across our operations, contributing to a significant increase in our cash flow."

Brookfield manages more than $175 billion in assets with a focus on real estate, renewable power, infrastructure and private equity.