Brookfield Asset Management's Q2 profit jumps

Aug 12, 2013 - Canadian green power and infrastructure asset manager Brookfield Asset Management Inc (TSE:BAM.A) said Friday its second-quarter 2013 net profit had increased to USD 802 million (EUR 601m) from USD 379 million.

Net income attributable to the company's shareholders climbed to USD 230 million from USD 138 million a year earlier, with basic and diluted earnings per share (EPS) growing to USD 0.31 from USD 0.17.

The Toronto-based company attributed the improvement to increased capital under management, better hydrology levels and higher spot market power pricing in its renewable business. Its green energy operations also benefited from considerable cash from hydropower and wind assets, which it bought in the last nine months, it explained.

Funds from operations jumped to USD 464 million from USD 159 million.

Second-quarter revenues improved to USD 5.16 billion from USD 4.42 billion in the same period of 2012.

Brookfield Asset Management boosted its first-half 2013 net profit to USD 1.49 billion from USD 1.1 billion in the year-ago period. Revenues grew to USD 10.11 billion from USD 8.46 billion.

(USD 1.0 = EUR 0.750)

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