Brookfield Asset Management reports Q3 profit up from year ago

Brookfield Asset Management Inc. reported its third-quarter profit more than quadrupled compared with a year ago, boosted by continued growth and investment performance across its business.

The alternative asset manager, which keeps its books in U.S. dollars, says it earned a profit attributable to shareholders of US$797 million or 47 cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of US$172 million or 10 cents per diluted share in the same quarter last year.

Revenue totalled US$19.25 billion, up from US$16.25 billion a year ago.

Funds from operations totalled US$1.41 billion or 85 cents per share in the quarter, up from US$1.04 billion or 65 cents per share in the same quarter last year.

Distributable earnings rose to US$1.24 billion compared with US$890 million a year ago.

The Canadian Press

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