TORONTO – Brookfield Asset Management Inc. (TSX:BAM.A) says it doubled its profits to US$1.6 billion in the latest quarter, partly due to increases in management fees.
The Toronto-based company said the profit amounted to $1.19 per diluted share for the three-month period ended June 30.
This compared to net income of US$802 million, or 31 cents, in the second quarter a year ago.
Revenues totalled US$4.83 billion, down from $5.16 billion year over year.
Funds from operations came in at US$569 million or 84 cents per share, up from $464 million or 68 cents per share a year ago on realized disposition gains and capital that had been deployed over the year.
“We are continuing to see clients allocate an increasing portion of their capital to Brookfield’s real asset investment strategies, due to the superior risk adjusted returns generated by these assets,” said CEO Bruce Flatt in a statement.
“Our flagship listed partnerships and private funds are well positioned to deliver long-term performance for clients and shareholders.”
The company said it is continuing to invest in emerging markets and Europe, and have announced plans to acquire office properties in India, a port and rail network in Brazil and wind farms in Ireland.
Brookfield, which focuses on real estate, renewable energy, infrastructure and private equity, had more than US$192 billion in assets under management at the end of the quarter.