Brookfield Asset Management Inc - CEO, Bruce Flatt
CEO, Bruce Flatt
Source: Bloomberg
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  • Brookfield Asset Management (TSX:BAM.A) has reported a net loss of  approximately C$220 million in its first quarterly report of 2020
  • This is compared to a first quarter profit of approximately $1.75 billion in 2019
  • Brookfield put the loss down to market-to-market currency movements, which have been adversely affected by the COVID-19 pandemic
  • Despite the drop in profits, the company has maintained a quarterly dividend of $0.17 cents
  • Brookfield Asset Management (BAM.A) is down 1.3 per cent, with shares trading at $43.00 and a market cap of $65 billion 

Brookfield Asset Management (TSX:BAM.A) has reported a net loss of approximately C$220 million in its first quarterly report of the year.

This is a significant loss, when compared to a first quarter profit of approximately $1.75 billion in 2019.

Brookfield put the loss down to market-to-market currency movements, which have been adversely affected by the COVID-19 pandemic

Funds from operations for the quarter amounted to approximately $881 million, a substantial decrease compared to around $1.47 billion in 2019’s first quarter.

The company raised approximately $45 billion in capital from third parties over the past 12 months, which included $9 billion from the first quarter of 2020. That led to a 44 per cent growth in fee related earnings, when compared to 2019.

Brookfield’s assets under management grew 42 per cent to approximately $519 billion, and fee-bearing capital grew 76 per cent to around $264 billion. 

The company has maintained a dividend of $0.17 cents for the quarter, or $0.57 cents per annum.

The CEO of Brookfield Bruce Flatt is pleased with the company’s performance, given the challenging environment.

“Our business performed well in the first quarter despite global issues, showcasing the resiliency of our business model and 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,” he said.

Brookfield Asset Management (BAM.A) is down 1.3 per cent, with shares trading for $43.00 at 1:56 pm EDT. 

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