(In U.S. dollars. Adds details)
Brookfield earned $346 million, or 56 cents a share, in the quarter ended Dec. 31, down from a profit of $611 million, or $1.01 a share, a year earlier.
The company said on a comparable basis, net income for the quarter prior to realization gains was $178 million compared with $129 million in 2006.
Cash flow from operations, a closely watched measure by real estate firms, slipped to $575 million, or 94 cents a share, from $859 million, or $1.42 a share.
Excluding realization gains, cash flow from operations for the fourth quarter increased by 15 percent, the company said.
Revenue at Brookfield, an asset manager with interests in real estate and power generation, grew to $3.16 billion from $2.90 billion.
The company declared a dividend of 13 cents per class A common share, up from the current rate of 12 cents per share, payable on May 31. ($1=$1.00 Canadian) (Reporting by John McCrank; Editing by Scott Anderson)