Brookfield reports Q3 profit down, revenue up

Brookfield reported its third-quarter profit fell compared with a year ago when it benefited from higher valuation and disposition gains.

The alternative asset manager, which keeps its books in U.S. dollars, says its net income attributable to common shareholders totalled US$423 million or 24 cents per share for the quarter ended Sept. 30, down from US$797 million or 47 cents per share a year earlier.

Revenue for the quarter was US$23.42 billion, up from US$19.25 billion in the same quarter last year.

Brookfield says operating funds from operations totalled US$1.22 billion or 73 cents per share in its most recent quarter, up from US$934 million or 56 cents per share a year earlier.

On Wednesday, Brookfield shareholders approved a plan for the company to spin off its asset management business into a separate publicly listed company.

Brookfield chief financial officer Nick Goodman says the company plans to complete the distribution to shareholders and listing of a 25% interest in its asset management business before the end of the year.

The Canadian Press

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