Brookfield Asset Management funds from operations hit record high

TORONTO – 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 $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 $6.4 billion in disposition gains in the quarter, split $1.8 billion for Brookfield and $4.6 billion for its clients.

This report by The Canadian Press was first published May 13, 2021.

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