TORONTO — Brookfield Asset Management Inc. reported a loss in its latest quarter as it revalued its real estate portfolio lower amid the pandemic.
The alternative asset manager said most of its operations continued to generate favourable operating profits, but some of its operating businesses were affected by the economic shutdown in the second quarter.
Brookfield, which keeps its books in U.S. dollars, said the loss for the quarter attributable to shareholders amounted to US$656 million or 43 cents per diluted share for the quarter ended June 30.
That compared with a profit attributable to shareholders of US$399 million or 24 cents per diluted share in the same quarter in 2019.
Brookfield said that as emergency government aid put in place at the height of the pandemic tapers, it expects companies will increasingly be in need of cash and there will be opportunities for it to invest.
It said it has US$77 billion in deployable capital, including US$16 billion of cash, financial assets and undrawn lines of credit in BAM and its affiliates and US$61 billion of uncalled fund commitments available for new transactions.
This report by The Canadian Press was first published Aug. 13, 2020.
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The Canadian Press