Brookfield Asset Management Inc. posted a profit in its second-quarter compared with a loss from last year, according to a report by Brookfield on Thursday.
- The revenue totaled $18.3 billion, higher by 42.54% year over year, surpassing the estimate of $6.78 billion.
- The asset manager that keeps its US dollars, reported $816 million, 49 cents per share in net income attributable to common shareholders. The positive net income compares to a loss of $656 million reported in the same period last year.
- The company’s funds from operations amounted to $1.6 billion for the quarter, up from close to $1.2 billion a year ago.
- The distributable earnings rose to $1.2 billion, up from close to $1.1 billion in the same quarter last year.
Brookfield’s growth in asset management franchise, steady returns on principal investments, and the continued momentum on capital recycle initiatives, led to the strong Q2 results. BAM down 4.30%