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

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.

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.