TORONTO (Reuters) - Brookfield Asset Management Inc’s (BAMa.TO) profit rose in the third quarter as a raft of strong acquisitions and client appetite for the Canadian investor’s property and infrastructure assets fueled revenues.
Brookfield said it had net earnings of $334 million, or $0.48 a share, in the third quarter, up from $253 million, or $0.36 cents a share, in the same quarter a year ago.
Funds from operations rose to $282 million, or $0.40 a share, in the quarter, up from $241 million, or $0.35 a share, a year earlier.
That was short of analysts’ forecasts for FFO of $0.44 a share, according to Thomson Reuters I/B/E/S.
Brookfield Chief Executive Bruce Flatt said acquisitions made in the last three years have begun to generate “significant cash flows” even in periods of economic uncertainty.
“Furthermore, our clients are allocating increasing amounts of their capital to property and infrastructure assets globally, which is enabling us to increase our assets under management,” Flatt said in a statement. (Reporting by Andrea Hopkins; Editing by Chizu Nomiyama)