TORONTO (Reuters) - Brookfield Asset Management BAMa.TO said on Wednesday its first-quarter profit edged higher, despite the depreciation of assets which the company said is far greater than the cost of maintaining the assets.
Brookfield reported earnings of $197 million, or 31 cents a diluted share, in the quarter ended March 31, up from a profit of $195 million, or 31 cents a diluted share, a year earlier.
Four analysts surveyed by Reuters Estimates had been expecting, on average, earnings of 19 cents a share.
Cash flow from operations, a closely watched measure for real estate firms, fell to $443 million, or 72 cents a share, from $571 million, or 67 cents a share, a year ago, when the company realized a gain of $165 million.
Excluding realization gains, cash flow from operations for the first quarter increased by 7 percent, as growth in its power generation and commercial office platforms more than offset a lower contribution from its residential operations, the company said.
Revenue at Brookfield, which has interests in real estate and power generation, said revenue climbed to $3.21 billion from $1.84 billion.
Reporting by John McCrank