Brookfield Asset Management reports Q1 profit down from year ago

TORONTO — Brookfield Asset Management Ltd. says it earned US$102 million in its first quarter from its stake in the asset management business it owns with Brookfield Corp.

The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says its net income in U.S. dollars amounted to 25 cents US per diluted share.

The result compared with a profit of US$125 million or 31 cents US per diluted share in the same quarter last year.

The asset management business, Brookfield Asset Management, was spun off from Brookfield Corp. in 2022.

The full asset management business, which keeps its results in U.S. dollars, reported a profit attributable to the company of US$441 million, down from US$516 million a year earlier.

Distributable earnings for the full asset management business for the quarter totalled US$547 million, down from US$563 million in the same quarter last year.

This report by The Canadian Press was first published May 8, 2024.

Companies in this story: (TSX:BAM), TSX:BN

The Canadian Press