Brookfield Asset Management reports Q2 profit

Brookfield Asset Management Inc. reported a profit in its latest quarter compared to a loss a year ago.

The asset manager, which keeps its books in U.S. dollars, reported US$816 million or 49 cents per share in net income attributable to common shareholders.

The result compared with a loss of US$656 million or 43 cents per share in the same quarter last year.

Revenue totalled US$18.3 billion, up from US$12.8 billion.

Funds from operations totalled US$1.6 billion or US$1.01 per share for the quarter, up from nearly US$1.2 billion or 73 cents per share a year ago.

Distributable earnings rose to US$1.2 billion, up from nearly US$1.1 billion in the same quarter last year.

“Growth in our asset management franchise, steady returns on our principal investments and continued momentum on our capital recycling initiatives all contributed to the strong quarter,” Brookfield chief financial officer Nick Goodman said in a statement.

The Canadian Press

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