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The Globe and Mail

Brookfield Asset profit weaken, revenue increases

Brookfield Asset Management Chief Executive Officer Bruce Flatt listens to other speakers, during their annual general meeting for shareholders in Toronto May 10, 2012.


Brookfield Asset Management Inc. said Friday that fourth-quarter net income decreased to $776-million from $960-million as it faced higher costs.

The diversified Toronto-based company also boosted its quarterly dividend by 7 per cent to 15 cents per share.

Brookfield said earnings per share dropped to 72 cents per share from 86 cents per share a year earlier.

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Its direct costs nearly doubled to $4.13-billion from $2.76-billion.

"We achieved significant growth in funds from operations in 2012, reflecting strong performance from most of our operations," said chief executive Bruce Flatt in a release.

Net income attributable to shareholders fell to $492-million, or 72 cents per share, from $588-million, 86 cents per share, a year earlier.

Revenue grew to $5.39-billion from $4.12-billion.

Funds from operations totalled $459-million, an increase from $397-million in the fourth quarter of 2011.

Brookfield also grew its assets under management to $181-billion. It invests primarily in property, renewable power, infrastructure and private equity.

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