* Profit rebounds from loss, cash flow rises
* Stock up nearly 3 percent (In U.S. dollars unless noted)
TORONTO, Nov 5 (Reuters) - Shares of Brookfield Asset Management (BAMa.TO) rose nearly 3 percent on Friday after the company said it rebounded to a profit in the third quarter following a year-before loss.
Brookfield, a Canadian property, power and infrastructure investor with more than $100 billion in assets under management, earned $342 million, or 16 cents a share, in the three months ended Sept. 30.
That compared with a year-before loss of $572 million, or 75 cents a share, which reflected an $873 million writedown on its commercial office portfolios.
The company’s cash flow from operations, which Brookfield says is a more accurate reflection of its performance, rose to $354 million, or 57 cents a share, from $149 million, or 24 cents a share, before realization gains.
Brookfield, which owns just under 50 percent of Manhattan landlord Brookfield Properties BPO.N, said its results benefited from high occupancy and improved leasing at its commercial office businesses.
“We believe that as the global economy continues to recover, the company is well positioned for long-term, sustainable growth across all of our sectors,” Chief Executive Bruce Flatt said in a statement.
Revenue rose to $3.8 billion from $2.8 billion.
Brookfield adopted International Financial Reporting Standards this year, following investments in entities that use the standards.
Under Canadian accounting rules, Brookfield earned $112 million, or 16 cents a share, unchanged from the year-before quarter.
The company’s shares were up 86 Canadian cents at C$31.51 on the Toronto Stock Exchange.
$1=$1.00 Canadian Reporting by Cameron French; editing by Peter Galloway