The diversified Toronto-based company also boosted its quarterly dividend by seven per cent to 15 cents per share.
Brookfield said earnings per share dropped to 72 cents per share from 86 cents per share a year earlier.
Its direct costs nearly doubled to $4.13 billion from $2.76 billion.
"We achieved significant growth in funds from operations in 2012, reflecting strong performance from most of our operations," said chief executive Bruce Flatt in a release.
Net income attributable to shareholders fell to $492 million, or 72 cents per share, from $588 million, 86 cents per share, a year earlier.
Revenue grew to $5.39 billion from $4.12 billion.
Funds from operations totalled $459 million, an increase from $397 million in the fourth quarter of 2011.
Brookfield also grew its assets under management to $181 billion. It invests primarily in property, renewable power, infrastructure and private equity.
Shares of the company were up 16 cents to $38.59 in morning trading on the Toronto Stock Exchange.