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The Globe and Mail

Brookfield Asset Management profit doubles

Bruce Flatt is the chief executive officer at Brookfield Asset Management Inc.

Mark Blinch/Reuters/Mark Blinch/Reuters

Diversified investment firm Brookfield Asset Management Inc. more than doubled its net profit in the latest quarter as revenue jumped almost a third.

The Toronto-based company, formerly known as Brascan, reported Friday it earned $716-million (U.S.), or 36 cents per share, for the three months ended Sept. 30.

That was up from $342-million, or 16 cents per share, a year earlier.

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Revenue at the company, which reports in U.S. dollars, rose to $4.58-billion from $3.55-billion.

Brookfield said its North American power generation business did well in the quarter because of strong water flows, which helped boost hydroelectric power output. Meanwhile, the company's commercial office operations also performed strongly.

"Our businesses continue to generate strong cash flow, reflecting the quality of our assets, and we are moving forward with many growth initiatives across our global operations," chief executive Bruce Flatt said in a release before stock markets opened.

"Economic uncertainty and market volatility present both opportunities and challenges; however, these conditions favour our style of investing."

Brookfield has about $150-billion in assets under management and a focus on real estate, infrastructure, hydro power and private equity.

The company owns office buildings in major business centres across Canada, the United States and Australia.

In Canada, the company owns First Canadian Place and the Exchange Tower in Toronto, Bankers Hall and the Suncor Energy Centre in Calgary and Royal Centre in Vancouver.

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Its American properties include the World Financial Center and One Liberty Plaza in Manhattan and office towers from Boston to Houston and Los Angeles.

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