Brookfield Asset posts lower profit but raises dividend
* 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...