TORONTO – Brookfield Asset Management Inc. reports it had a first-quarter loss of US$157 million compared with a profit of nearly US$1.26 billion in the same quarter last year.
The loss came as Brookfieid was hit by non-cash, unrealized adjustments during the last month of the quarter, which included the COVID-19 pandemic and plunging stock markets.
However, the alternative asset manager says that it expects many of these changes to reverse as markets recover.
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The company, which keeps its books in U.S. dollars, says the loss amounted to 20 cents per share for the quarter ended March 31 compared with a profit of 39 cents per share a year ago.
Brookfield says its funds from operations amounted to US$884 million or 55 cents per share for the quarter, down from US$1.05 billion or 69 cents per share in the same quarter last year.
Brookfield CEO Bruce Flatt said the business performed well in the first quarter despite global issues, demonstrating its ability to withstand periods of disruption.
“Today, we are in a strong financial position, with $60 billion of available liquidity, ready to be deployed globally as opportunities arise,” Flatt said in a statement.
This report by The Canadian Press was first published May 14, 2020.