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Feb 13, 2020

Brookfield Asset Management reports lower income in Q4 but beats expectations

Brookfield Asset Management's Senior Managing Partner and CEO Bruce Flatt

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TORONTO -- Brookfield Asset Management Inc. says its net income for the fourth quarter was less than half the level a year earlier, in part because of asset sales in the previous year.

The company, which reports in U.S. dollars, says it had a net income of $1.64 billion, or 74 cents per diluted share, for the quarter ending Dec. 31, compared with $3.03 billion or $1.87 for the same quarter a year earlier. Revenue was $17.82 billion, up from $16 billion for the same quarter last year.

Analysts had expected revenue of $14.6 billion and earnings of 26 cents per share, according to financial markets data firm Refinitiv.

The company says it has declared a quarterly dividend of US$0.18 per share, an increase of 12 per cent.

It says it has appointed Nicholas Goodman as chief financial officer, replacing Brian Lawson who will continue to serve as a director a vice chairman.

On Feb. 7 Brookfield said it had raised US$20 billion for its latest flagship infrastructure fund, including US$5 billion it had committed.

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