Brookfield Asset Management reports Q1 profit down compared with a year ago

TORONTO — Brookfield Asset Management Inc. reported its first-quarter profit fell compared with a year ago.

The alternative asset manager, which keeps its books in U.S. dollars, says it earned US$1.26 billion or 58 cents per diluted for the quarter ended March 31. That compared with a profit of $1.86 billion or 84 cents per diluted share in the first three months of 2018.

Revenue totalled $15.21 billion, up from $12.63 billion.

Funds from operations slipped to $1.05 billion or $1.04 per share compared with $1.17 billion or $1.16 per share a year ago.

In March, Brookfield announced a deal to acquire a roughly 62 per cent of global investment manager Oaktree Capital Management.

The two companies together will have roughly $475 billion of assets under management.

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The Canadian Press