Skip to content
live

Brookfield reports profit fell in the second quarter, revenue up

Brookfield Asset Management Inc. reported second-quarter net income attributable to common shareholders that was lower than the previous year, as revenue rose. The alternative asset manager, which keeps its books in U.S.
20220811080816-d2e316c258c714236fa502395ef91cd9b5ae3bbfd6e9fe2098b7c94141435473
The Brookfield Asset Management Inc. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, Brookfield Asset Management Inc. *MANDATORY CREDIT*

Brookfield Asset Management Inc. reported second-quarter net income attributable to common shareholders that was lower than the previous year, as revenue rose.

The alternative asset manager, which keeps its books in U.S. dollars, says its net income attributable to common shareholders was US$590 million or 34 cents per diluted share for the quarter ended June 30, down from US$816 million or 49 cents per diluted share a year earlier.

Revenue totalled US$23.26 billion, up from US$18.29 billion in the second quarter of 2021.

Funds from operations for the quarter totalled US$1.4 billion or 84 cents per share, down from US$1.6 billon or US$1.01 per share a year earlier.

Brookfield says its distributable earnings were US$1.19 billion, down from US$1.23 billion a year earlier.

Brookfield reported record inflows of US$56 billion since the end of the last quarter and says its fundraising outlook remains strong.

Nick Goodman, CFO at Brookfield, said in a statement that the firm nowhas "a record of US$111 billion of cash and capital available for investment."

This report by The Canadian Press was first published Aug. 11, 2022.

Companies in this story: (TSX:BAM.A)

The Canadian Press

Rogers Sports & Media
230 The Boardwalk Kitchener, ON, N2N 0B1
© 2006-2022 Rogers Sports & Media. All rights reserved.
push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks