Brookfield Asset posts lower profit but raises dividend

Fri Feb 15, 2013 11:17am EST
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* Earnings slide on higher costs; revenue rises

* Funds from operations higher

* Brookfield raises dividend by 7 percent

TORONTO, Feb 15 (Reuters) - Brookfield Asset Management's profit slid 19.2 percent in the fourth quarter because of a sharp rise in costs, but the Canadian property, power and infrastructure investor raised its dividend due to rising cash flows.

Brookfield Asset said on Friday that it had earned $776 million, or 72 cents a share, compared with $960 million, or 86 cents a share, a year earlier.

Revenue rose 30.6 percent to C$5.4 billion, while direct costs jumped 49.7 percent to C$4.1 billion.

Funds from operations, a measure of cash flow for real estate management companies, rose to C$459 million from C$397 million, prompting the company to raise its quarterly dividend by 7 percent to 15 Canadian cents, it said.

Shares of Brookfield Asset were down 0.5 percent at C$38.25 on the Toronto Stock Exchange.

Brookfield Asset said last year that it would spin off its commercial real estate holdings in a new company that will be listed on the New York and Toronto stock exchanges sometime this year.   Continued...