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Brookfield quarterly profit rises 9%, posts record annual results

File photo of Brookfield Asset Management CEO Bruce Flatt.

Brett Gundlock/Reuters

Brookfield Asset Management Inc. (TSX:BAM.A), which has a history reaching back more than a century, says 2013 was its best financial year ever.

The Toronto-based company, which manages investments in the real estate, power generation, infrastructure and forestry sectors through subsidiaries and partnerships, had US$3.8-billion in net income.

That's about a billion dollars more than in 2012.

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Brookfield's assets under management increased to US$187-billion at the end of 2013, with fee-bearing capital rising 32 per cent to US$80-billion.

In the fourth quarter ended Dec. 31, Brookfield's net income was US$850-million, or $1.08 per diluted share – up from $779-million or 72 cents per share in the final three months of 2012.

Brookfield said its net income, which was up nine per cent year-year, was affected by a smaller increase in property values compared with the especially big gain a year earlier.

Meanwhile, Brookfield's funds from operations during the quarter more than doubled to US$1.03-billion, or $1.59 per share, from US$459-million or 67 cents per share a year earlier.

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