(Toronto) Brookfield posted third-quarter earnings Thursday, down from the same period last year, when it benefited from better valuations and gains from disposal of investments.
Posted at 2:14 p.m.
The holding company reported net income attributable to common shareholders of $423 million, or 24 cents per share, for the three months ended Sept. 30, down from $797 million, or 47 cents per share. , for the same period a year earlier.
Quarterly revenue was $23.42 billion, up from $19.25 billion in the third quarter of last year.
Funds from operations totaled $1.22 billion, or 73 cents per share, in the most recent quarter, compared to $934 million, or 56 cents per share, in the same quarter a year earlier .
Brookfield shareholders on Wednesday approved a plan for the company to spin off its asset management business into a separate Toronto Stock Exchange-listed company.
Until now, Brookfield invested both its own money and that of its customers, two activities which will now be carried out in two separate entities, which should promote their respective growth potential, argued the company.
Chief Financial Officer Nick Goodman said Brookfield plans to distribute a 25% stake in the new company to its shareholders by the end of this year.