logo
Plus   Neg
Share
Email

Brookfield Asset Management Q3 FFO Rises - Quick Facts

Brookfield Asset Management Inc. (BAM, BAM-A.TO) on Thursday reported a decline in profit for the third quarter, while its funds from operations or FFO increased.

The company's net income for the third quarter attributable to shareholders declined to $163 million or $0.11 per share from $228 million or $0.20 per share in the year-ago period. The decrease in net income reflects lower appraisal gains compared to the prior year quarter.

However, funds from operations or FFO for the quarter rose to $1.09 billion or $1.07 per share, from $809 million or $0.79 per share in the year-ago quarter.

Fee related earnings surged 72 percent to $320 million as a result of the growth in fee bearing capital from the company's private funds, and higher performance fee income. FFO from invested capital declined slightly to $364 million.

FFO for the quarter included $401 million of disposition gains within the company's private equity and real estate businesses.

Revenues for the quarter grew to $14.86 billion from $12.28 billion in the same period last year.

Bruce Flatt, CEO of Brookfield said, "We had another strong quarter. We ended the quarter with liquidity of $32 billion, which we expect to deploy into opportunities across our listed and private funds. Fundraising continues to be strong, including $18.5 billion of capital to date into two of our most recent flagship funds."

The company's board declared a quarterly dividend of $0.15 per share, representing US$0.60 per annum, payable on December 31, 2018 to shareholders of record as at the close of business on November 30, 2018. The Board also declared the regular monthly and quarterly dividends on its preferred shares.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Following the sell-off seen in the previous session, stocks showed another significant move to the downside during trading on Tuesday. With the continued drop, the tech-heavy Nasdaq fell to its lowest closing level in over seven months. A federal judge in San Francisco has temporarily blocked President Donald Trump's plan to restrict asylum claims by illegal immigrants. In a ruling issued late Monday, U.S. District Court Judge Jon Tigar accused the Trump administration of trying to rewrite immigration laws. Bank of England Governor Mark Carney welcomed the draft Brexit deal and the transition arrangement that the British Prime Minister Theresa May struck with the European Union last week, but warned that the risks of a "no-deal, no-transition" scenario remained very high. Speaking at a Treasury Select Committee hearing, Carney said, "We welcome the transition arrangements in the withdrawal deal."
Follow RTT