OTTAWA (dpa-AFX) - Brookfield Asset Management Inc. (BAM, BAM_A.TO) on Friday reported a profit for the fourth quarter that declined 46 percent from last year.
The results partly reflect a 22 percent decline at company's renewable power unit and fair value changes. However, earnings per share beat analysts' estimates.
The Canadian alternative asset manager, focused on property, renewable power and infrastructure assets, increased its quarterly dividend by 8 percent.
The company's fourth-quarter net income fell to $588 million or $0.86 per share from $1.09 billion or $1.80 per share in the year-ago period.
On average, analysts polled by Thomson Reuters expected earnings per share of $0.20 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly funds from operations or FFO, however, increased to $271 million from $161 million in the prior-year quarter.
Funds from operations is defined as net income prior to fair value changes, depreciation and amortization, and future income taxes. It includes certain disposition gains that are not otherwise included in net income as determined under International Financial Reporting Standards, or IFRS.
Total revenues for the quarter grew 12 percent to $4.12 billion from $3.67 billion in the year-ago period. Analysts had a consensus revenue estimate of $4.39 billion.
For fiscal year 2011, Brookfield's net income rose to $1.96 billion or $2.89 per share from $1.45 billion or $2.33 per share in the previous year. Total revenues for the year increased to $15.92 billion from $13.62 billion last year. Analysts expected the company to earn $2.39 per share on revenues of $16.43 billion.
Funds from operations for the year declined to $1.05 billion from $1.11 billion last year.
Further, the company's board declared a quarterly dividend of $0.14 per share, up from $0.13 earlier. The dividend, representing $0.56 per share on an annualized basis, is payable on May 31 to shareholders of record as at the close of business on May 1.
The board also declared all of the regular monthly and quarterly dividends on its preferred shares.
In Friday's regular session, BAM is trading at $31.64, up $0.12 or 0.39 percent on a volume of 154,342 shares.
Copyright RTT News/dpa-AFX
© 2012 AFX News
