* Q4 EPS 27 cents, versus 56 cents a year earlier
* Q4 operating cash flow, before items, 40 cents a share (Adds details. In U.S. dollars unless noted)
TORONTO, Feb 13 (Reuters) - Brookfield Asset Management Inc (BAMa.TO) said on Friday its quarterly profit fell 51 percent, but its operating cash flow rose 48 percent.
Toronto-based Brookfield, a major stakeholder in Brookfield Properties BPO.TO, one of Manhattan's biggest office landlords, said profit in the latest quarter was lower in comparison with the year-before quarter because there were a "large number of disposition gains," or gains from sales of assets, in the year-earlier period.
Among those gains was the sale of Brookfield's interest in big Canadian steelmaker Stelco Inc to US Steel Corp, the company said.
For the fourth quarter ended Dec. 31, Brookfield, which also has renewable power and infrastructure interests, earned $171 million, or 27 cents a share, down from $346 million, or 56 cents a share, in the year-earlier period.
Cash flow from operations, excluding items, rose 48 percent to $241 million, or 40 cents a share, from $163 million, or 25 cents a share.
Brookfield, which about $80 billion of assets under management, said quarterly revenue fell 5 percent to $3.0 billion from $3.16 billion.
For the year, excluding gains, net income rose 50 percent to $525 million, or 81 cents a share, from $349 million, or 51 cents a share, in 2007.
Shares of Brookfield were up 4.2 percent at C$19.48, on the Toronto Stock Exchange on Friday afternoon after rising as much as 7.8 percent to C$20.16 earlier in the day.
"Our renewable power and office property businesses both produced strong operating cash flows during the quarter, which led to the overall improvement in operating cash flows," Bruce Flatt, chief executive, said in a statement.
"The stable revenue profiles of these businesses should provide us with a strong earnings base for 2009 and beyond."
Also on Friday, the company said its board declared a dividend of 13 cents per class A shares, payable on May 31 to shareholders of record as of May 1.
$1=$1.24 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway