Brookfield profit soars to US802 million funds from operations hits US464M

TORONTO — Brookfield Asset Management Inc. (TSX:BAM.A) is reporting US$802-million of net income and US$464-million of funds from operations for common shareholders in the second quarter.Both results were more than double the levels a year earlier, when the Toronto-based conglomerate had US$379-million of net income and $159-million of funds from operations.On a per-share basis, net income was 31 cents and funds from operations was 68 cents in the three months ended June 30, up from 17 cents and 20 cents respectively in the second quarter of 2012.Brookfield is one of Canada’s largest conglomerates, with numerous publicly traded subsidiaries and investments primarily focused on real estate, power generation and natural resources, particularly in the forestry sector.“Asset management fees increased 72% during the quarter and virtually all of our operating groups are performing well and positioned for growth,” said Bruce Flatt, Brookfield’s chief executive officer.“We closed a number of realizations and raised over $14-billion of fund commitments for new investments,” Flatt added. “We are also seeing attractive opportunities to put money to work in all of our businesses.”Canadian Press read more

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