Brookfield Asset Management CEO Bruce FlattFred Lum/The Globe and Mail
One of Canada's biggest conglomerates, Brookfield Asset Management Inc. says the billions of dollars it invested during the downturn are beginning to pay off.
The Toronto-based real-estate, resource and power-generation company had $409-million (U.S.) in profit, or 25 cents per diluted share in the first quarter.
That contrasts with a loss of $603-million, or 52 cents, in the first quarter of 2009 while the Canadian and global economies were in a recession.
Brookfield's revenue in the first three months of 2010 was $2.7-billion - up $700-million or 35 per cent from the first quarter of 2009.
Chief executive Bruce Flatt says Brookfield has seen positive developments in the economy that point toward higher cash flows and further buying opportunities.
"We should also benefit from the substantial amount of capital we invested over the past 24 months and are continuing to see many attractive investment opportunities, which we hope to capitalize on," Mr. Flatt said in a statement.