Brookfield Investments Corporation

June 22, 2011 18:09 ET

Brookfield Investments Corporation Announces First Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - June 22, 2011) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net income of $47 million for the three months ended March 31, 2011 compared with a net loss of $42 million in the same period in the prior year. Net income per common share was $1.02 compared to a loss of $0.91 in the prior year. The current quarter includes a $49 million gain on the company's indirect investment in Canary Wharf Group plc, which is held through its investment in Brookfield Europe L.P. The prior period includes $46 million of non-cash foreign exchange losses.

Dividend and interest income for the first three months of 2011 was $10 million, compared to $8 million for the same period in 2010. Dividend payments, classified as interest expense, totalled $7 million for the first three months of 2011, consistent with the payment in 2010. Panelboard investments, held through Norbord Inc., contributed $nil for the first three months of 2011, compared to a net loss of $1 million for the same period in 2010. The company's investment in Brookfield Europe L.P. contributed $3 million of income in the first quarter of 2010.

The company's Board of Directors declared the regular quarterly dividend of C$0.29375 per share on its Senior Preferred Shares, Series A payable on June 30, 2010 to shareholders of record on June 20, 2010.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield Asset Management Inc. group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc., a global asset manager focused on property, power and infrastructure assets.

Consolidated Statements of Operations
(unaudited)Three months ended March 31
US$ millions, except per share amounts20112010
Investment income
Equity accounted income from Brookfield Europe L.P.$49$3
Equity accounted loss from Norbord Inc.(1)
Dividend and interest income108
Foreign exchange loss(46)
Net income (loss) before income taxes52(43)
Income tax (expense) recovery(5)1
Net income (loss)$47$(42)
Net income (loss) per common share$1.02$(0.91)
Consolidated Statements of Comprehensive Income
(unaudited)Three months ended March 31
US$ millions20112010
Net income (loss)$47$(42)
Other comprehensive income
Foreign currency translation10(21)
Available-for-sale securities19197
Equity accounted other comprehensive income (loss)6(1)
Deferred income tax(4)1
Comprehensive income$78$134
Consolidated Balance Sheets
US$ millionsMarch 31,
December 31,
Current assets
Deposits receivable$45$
Non-current assets
Investments - Securities
Brookfield Office Properties Inc.976973
Investments - Associates
Brookfield Europe L.P.405366
Norbord Inc.8079
Current liabilities
Deposits payable$$27
Retractable preferred shares712708
Deferred taxes5440

Contact Information

  • Brookfield Investments Corporation
    Derek E. Gorgi
    Vice President and Chief Financial Officer