Friday, November 11, 2011

Brookfield Asset Management Profit Doubles After Power-Generation Gains

Brookfield Asset Management Inc. (BAM/A), the Toronto-based investment firm that manages about $150 billion, said third-quarter profit more than doubled on gains in power generation and commercial-property leasing.

Net income attributable to shareholders rose to $253 million, or 36 cents a share, from $112 million, or 16 cents, a year earlier. Cash flow from operations fell 32 percent to $241 million, the company said today in a statement.

Brookfield, led by Chief Executive Officer Bruce Flatt, focuses on property, infrastructure and renewable power and has sought to buy assets from troubled European companies. The firm raised $6.1 billion in capital in the quarter.

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