May 21st, 2024

Brookfield Corp. reports Q1 distributable earnings up, US$150B in deployable capital


By The Canadian Press on May 9, 2024.

Brookfield Corp. logo is shown in a handout. The company reported distributable earnings of US$1.22 billion for the first quarter, up from $1.16 billion in the same quarter last year, as weakness in its asset management arm was offset by strength across the other parts of its business. THE CANADIAN PRESS/HO

TORONTO – Brookfield Corp. reported distributable earnings of US$1.22 billion for the first quarter, up from $1.16 billion in the same quarter last year, as weakness in its asset management arm was offset by strength across the other parts of its business.

The Toronto-based alternative asset investment firm, which keeps its books in U.S. dollars, says the result amounted to 77 cents US in distributable earnings per share for the quarter ended March 31, up from 72 cents per share in the first quarter of 2023.

Brookfield president Nick Goodman says the company delivered strong financial results in the first quarter and expects the positive momentum across its asset management, wealth solutions and operating businesses to drive continued strength over the course of 2024.

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

Revenue for the quarter totalled US$22.91 billion, down from US$23.30 billion in the first quarter of 2023.

Brookfield says its first-quarter net income attributable to shareholders amounted to US$102 million or four cents US per diluted share, down from US$120 million or five cents US 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)

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