Brookfield Asset Management sees a decrease in quarterly profits compared to the previous year
Brookfield Asset Management Ltd. has reported earnings of US$102m in the first quarter from its share in the asset management business it co-owns with Brookfield Corp., according to BNN Bloomberg.
The company, holding a 25 percent interest in this business, with the remaining 75 percent owned by Brookfield Corp., recorded a net income of 25 cents US per diluted share.
This performance marks a decrease from the previous year's first quarter, where the company posted a profit of US$125m or 31 cents US per diluted share.
Brookfield Asset Management, which operates independently from Brookfield Corp. since its spin-off in 2022, registered a profit of US$441m for the entire asset management business. This figure is a decline from the US$516m reported in the corresponding quarter of the previous year.
The total distributable earnings of the asset management business for the quarter amounted to US$547m, showing a slight decrease from US$563m recorded in the same period last year.
