Brookfield Asset Management reports third-quarter profit up from year ago

says it earned US$122-million in its latest quarter from its stake in the asset management business it owns with Brookfield Corp

The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says the profit in U.S. dollars amounted to 31 cents per diluted share for the quarter ended Sept. 30. The asset management business, Brookfield Asset Management, was spun off from Brookfield Corp. in December last year.

The full asset management business, which keeps its results in U.S. dollars, earned US$494-million in its third quarter, up from US$395-million a year earlier. Distributable earnings for the quarter amounted to US$568-million, up from U$524-million in the same quarter last year.

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