Brookfield Asset Management's profits, FFO jump in Q2

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

Aug 11 (Renewables Now) - Canada’s Brookfield Asset Management Inc (TSE:BAM.A) on Thursday reported a net profit of USD 958 million (EUR 816m) for the second quarter of 2017, up by 64% year-on-year.

Funds from operations (FFO) jumped to USD 1.03 billion from USD 637 million.

The company said invested capital FFO grew by 2%, due to solid "same-store" growth from operational improvements across its businesses, in particular higher renewable power generation. Newly acquired assets in part offset the absence of FFO from divested assets and the impact of foreign exchange.

The alternative asset manager has more than USD 250 billion in assets under management in real estate, renewable power, infrastructure and private equity. Brookfield confirmed that the transactions to buy 100% in TerraForm Global Inc (NASDAQ:GLBL) and to become sponsor and controlling shareholder of its sister company TerraForm Power Inc (NASDAQ:TERP), the two renewable energy yieldcos formed by SunEdison, are seen to close in the second half of the year.

The company will pay a quarterly dividend of USD 0.14 per share on September 29 to shareholders of record as of August 31.

(USD 1 = EUR 0.85)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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