Brookfield Asset Management Inc. (BAM,BAM_A.TO) reported that its second-quarter funds from operations surged to $464 million from last year's $159 million, with funds from operations per share improving to $0.68 from $0.20 in the same quarter last year.
Disposition gains included in funds from operations were $58 million in the latest-quarter compared to disposition losses of $87 million in the comparable 2012 quarter. This excluded gains which will be booked on a number of realizations which were closed after quarter end and therefore will be recorded in the third quarter.
Net income attributable to shareholders for the quarter was $230 million or $0.31 per share, up from $138 million or $0.17 per share in the same quarter last year.
The company said financial results reflect substantial increases in asset management fees as a result of higher capital under management; improved hydrology levels and higher spot market power pricing in our renewable power operations; and higher prices and volumes related to operations with exposure to the continuing U.S. housing recovery.
Revenues for the quarter rose to $5.17 billion from $4.42 billion in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report revenues of $4.66 billion for the quarter. Analysts' estimates typically exclude special items.
The company noted that its Board of Directors declared a quarterly dividend of $0.15 per share (representing $0.60 per annum), payable on November 30, 2013, to shareholders of record as at the close of business on November 1, 2013.
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