- Wednesday, October 16, 2024
Brookfield Corp., an asset-management company based in Toronto, experienced a significant decline in earnings during the third quarter. Unlike the previous year, when they recorded higher one-time valuation gains, the company's distributable earnings, which measure the cash that can be returned to shareholders, dropped from $1.22 billion to $1.06 billion.
Net income also saw a sharp decline, falling to $35 billion, or 12 cents per share, compared to $716 billion, or 25 cents per share, in the same period last year. However, quarterly revenue managed to increase by 4.4% to $24.44 billion.
President Nick Goodman attributed the strong financial results to the growing cash flows and the improved earnings of Brookfield's underlying businesses. He stated that retail and wealth flows currently amount to around $800 million per month, and they are projected to exceed $1.5 billion monthly by 2024.
As of the end of the quarter, Brookfield had approximately $120 billion available for new investments, including $35 billion in cash, financial assets, and undrawn credit lines.
In related news, Brookfield Asset Management recently reported a net income of $494 million for the latest quarter, representing a 7.5% increase in revenue to $893 million.
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