Brookfield Asset Management profit falls

Brookfield Asset Management Inc. said Thursday it earned $697-million (U.S.) in its latest quarter, down from a year ago.

The conglomerate said the profit attributable to shareholders amounted to 51 cents per diluted share compared with $722-million or 60 cents per share a year ago.

Revenue totalled $4.95-billion, up from $4.04-billion.

Funds from operations were $689-million, up from $515-million in the first quarter of 2012.

"Our operating performance was strong in the first quarter of 2013, with virtually all of the operations contributing growth," Brookfield chief executive Bruce Flatt said in a statement.

"Performance was good across our operations, contributing to a significant increase in our cash flow."

Brookfield manages more than $175-billion in assets with a focus on real estate, renewable power, infrastructure and private equity.