Brookfield Asset Management Inc notched its best year ever in 2013, more than doubling its funds from operations in the fourth quarter, as investor hunger for real assets drove profits and the company cashed in on big bets made during the financial crisis.The Canadian property, power and infrastructure investor said on Friday its consolidated net income rose 9 percent to $850 million, or $1.08 per share, in the fourth quarter and was up 39.5 percent to $3.4 billion in 2013 as a whole.The results, which came in largely in line with market expectations, helped drive the company's shares up 1.0 percent to C$43.19 in early afternoon trade on the Toronto Stock Exchange.Funds from operations (FFO), a measure of cash flow for real estate management companies, more than doubled in the fourth quarter and was up 149 percent in the full year as Brookfield said it harvested gains from investments made during the financial crisis, when assets were cheap.
Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM traded higher by 1.18% or $0.46/share to $39.38. In the past year, the shares have traded as low as $33.59 and as high as $40.82. On average, 793487 shares of BAM exchange hands on a given day and today's volume is recorded at 339077.
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