Brookfield reports US$424-million first-quarter net income

TORONTO – Brookfield Corp. reported first-quarter net income of US$424 million, down from US$2.96 billion in the same quarter last year.

The company, which keeps its books in U.S. dollars, says the profit amounted to five cents per diluted share for the quarter ended March 31.

The result was down from 81 cents per diluted share in the same quarter last year when Brookfield saw higher non-recurring valuation gains.

Revenue totalled US$23.30 billion, up from US$21.88 billion in the first three months of 2022.

Brookfield says its distributable earnings per share for the quarter amounted to 72 cents, down from 73 cents per share a year earlier.

Brookfield president Nick Goodman said the results in the first quarter were strong, supported by the growth and resilience of its businesses.

“The scale and quality of our franchise and our access to large and flexible capital allow us to thrive in periods of market volatility, and we expect to continue delivering on our broad growth initiatives in these markets,” Goodman said in a statement.

This report by The Canadian Press was first published May 11, 2023.

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