Brookfield's Earnings Plunge Nearly 53%

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On May 5, 2009, Brookfield Asset Management(BAM Quote) reported that its Q1 FY09 earnings plunged 52.8%, hurt by the global economic slowdown. Net income for the quarter stood at $93.00 million or $0.15 per share compared to $197.00 million or $0.32 per share in the prior year's quarter. The latest quarterly earnings missed the most recent consensus estimate of $0.16 per share.

Total revenue dropped 17.4% to $2.65 billion from $3.21 billion a year ago. Net revenue at Brookfield's power-generation business declined 4.8% to $239.00 million from $251.00 million in Q1 FY08. Revenue less direct operating costs from the commercial properties business decreased 5.0% to $400.00 million from $421.00 million in the year-ago quarter. Revenue less direct operating costs from specialty funds plummeted 62.5% to $39.00 million from $104.00 million, while net revenue from infrastructure slipped 16.7% to $40.00 million from $48.00 million. Additionally, fee income decreased 7.9% to $105.00 million from $114.00 million, while investment and other income dipped 45.8% to $169.00 million from $312.00 million a year earlier. Finally, revenue from development and other properties shrunk 64.1% to $23.00 million from $64.00 million on a year-over-year basis. ...