August 8, 2008 / 12:55 PM / 9 years ago

UPDATE 1-Brookfield's profit slips despite revenue boost

(Adds details. In U.S. dollars)

TORONTO, Aug 8 (Reuters) - Brookfield Asset Management Inc (BAMa.TO) said on Friday its second-quarter profit slipped 28 percent from a year-ago period that included a big gain on the sale of debentures.

Brookfield, which has interests in real estate and power generation, reported earnings of $110 million, or 17 cents a share, down from year-earlier $153 million, or 24 cents a share. The 2007 quarter included a security disposition gain of $100 million.

Four analysts had forecast an average of 21 cents a share for the quarter, according to data compiled by Reuters Estimates.

Cash flow from operations fell to $378 million, or 62 cents a share, from $440 million, or 72 cents a share, a year ago.

Excluding a security disposition gain, cash flow from operations was $378 million, or 62 cents a share, up from $340 million, or 55 cents a share in 2007.

Brookfield said revenue rose 2.9 percent to $1.23 billion from $1.12 billion. ($1=$1.06 Canadian) (Reporting by Scott Anderson; Editing by Jeffrey Jones)

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