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Brookfield Corp. reports an increase in distributable profits in the first quarter and $150 billion in deployable capital

TORONTO – Brookfield Corp. reported distributable profit of $1.22 billion for the first quarter, up from $1.16 billion in the same quarter last year, as weakness in its asset management division was offset by strength in the rest of its business.

The Toronto-based alternative asset investment company, which maintains its books in U.S. dollars, said its result for the quarter ended March 31 was 77 cents U.S. distributable earnings per share, down from 72 cents per share in the first quarter of 2023.

Brookfield CEO Nick Goodman says the company delivered strong financial results in the first quarter and expects positive momentum in asset management, wealth solutions and operations to continue to position itself strongly in 2024.

The company says it has a record $150 billion in capital for new investments.

Revenue for the quarter was $22.91 billion, up from $23.30 billion in Q1 2023.

Brookfield said its first-quarter net income attributable to shareholders was $102 million, or four cents per diluted share, compared with $120 million, or five cents per diluted share, in the same quarter last year.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:BN)

Canadian Press