Brookfield AM reports rise in net income in Q1

Brookfield Asset Management Inc. reported a profit in its latest quarter compared with a loss a year ago as its funds from operations hit a record high.

The asset manager, which keeps its books in U.S. dollars, reported net income attributable to common shareholders of US$1.24 billion or 77 cents per diluted share for the quarter ended March 31.

The profit compared with a loss attributable to common shareholders of US$293 million or 20 cents per share in the same quarter last year.

Revenue totalled US$16.41billion, down from US$16.59 billion in the first three months of 2020.

Funds from operations were a record US$2.82 billion or US$1.80 per share, up from US$884 million or 55 cents per share a year ago.

Brookfield says it realized US$6.4 billion in disposition gains in the quarter, split as US$1.8 billion for Brookfield and US$4.6 billion for its clients.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.