Brookfield Corp. BN-T reported distributable earnings of US$1.22-billion for the first quarter, up from US$1.16-billion in the same quarter last year, as weakness in its asset management arm was offset by strength across the other parts of its business.
The Toronto-based alternative asset investment firm, which keeps its books in U.S. dollars, says the result amounted to 77 cents US in distributable earnings a share for the quarter ended March 31, up from 72 cents a share in the first quarter of 2023.
Brookfield president Nick Goodman says the company delivered strong financial results in the first quarter and expects the positive momentum across its asset management, wealth solutions and operating businesses to drive continued strength over the course of 2024.
The company says it has a record US$150-billion in deployable capital for new investments.
Revenue for the quarter totalled US$22.91-billion, down from US$23.30-billion in the first quarter of 2023.
Brookfield says its first-quarter net income attributable to shareholders amounted to US$102-million or four cents US a diluted share, down from US$120-million or five cents US a diluted share in the same quarter last year.