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Brookfield Asset Management says 2013 was its best year in more than

TORONTO — Brookfield Asset Management Inc., which has a history reaching back more than a century, says 2013 was its best financial year ever.The Toronto-based company, which manages investments in the real estate, power generation, infrastructure and forestry sectors through subsidiaries and partnerships, had US$3.8 billion in net income.That’s about a billion dollars more than in 2012.Brookfield’s assets under management increased to US$187 billion at the end of 2013, with fee-bearing capital rising 32 per cent to US$80 billion.In the fourth quarter ended Dec. 31, Brookfield’s net income was US$850 million, or $1.08 per diluted share — up from $779 million or 72 cents per share in the final three months of 2012.Brookfield said its net income, which was up 9% year-year, was affected by a smaller increase in property values compared with the especially big gain a year earlier.Meanwhile, Brookfield’s funds from operations during the quarter more than doubled to US$1.03 billion, or $1.59 per share, from US$459 million or 67 cents per share a year earlier. read more

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