Brookfield Investments Corporation Announces Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - Brookfield Investments Corporation (the "company") (TSX VENTURE:BRN.PR.A) reported $68 million of net income or $1.37 per common share for the three months ended September 30, 2013 compared to $23 million or $0.47 per common share in the same period in 2012. Net income increased by $45 million primarily due to $52 million of disposition gains prior to deferred taxes, including a $37 million gain on partial sale of the company's investment in Western Forest Products Inc. common shares.

Comprehensive income, which consists of net income and other comprehensive income was $19 million compared to $11 million in the same period of the prior year. Other comprehensive income was a $49 million loss during the quarter, compared to a $12 million loss in the 2012 quarter. The current period included mark-to-market losses on the company's indirectly held investments in Brookfield Property Partners L.P.

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 group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc. Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management, has over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively.

Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.

CONSOLIDATED BALANCE SHEETS
					(unaudited)
					September 30			December 31
(US$ millions)					2013			2012
Assets
	Current assets
		Deposits receivable			$	447		$	180
		Securities				46			224
		Investments - Securities				-			943
	Non-current assets
		Investments - Securities				316			245
		Investments - Associates				1,291			740
					$	2,100		$	2,332
Liabilities
	Current liabilities
		Accounts payable			$	10		$	1
			Retractable preferred shares			1,120			1,142
			Deferred income tax liabilities			9			58
	Equity					961			1,131
					$	2,100		$	2,322

CONSOLIDATED STATEMENTS OF OPERATIONS
			Three months ended						Nine months ended
(unaudited)			September 30						September 30
(US$ millions, except per share amounts)			2013			2012			2013			2012
Investment Income
	Equity accounted income		$	25		$	23		$	99		$	20
	Disposition gains			52			-			52			-
	Dividend and interest income			3			11			17			32
	Foreign exchange income (loss)			2			(3	)		4			(1	)
				82			31			172			51
Expenses
	Interest			(7	)		(8	)		(22	)		(22	)
Net income before income taxes				75			23			150			29
	Income tax expense			(7	)		-			(11	)		-
Net income			$	68		$	23		$	139		$	29
Net income per common share			$	1.37		$	0.47		$	2.79		$	0.59

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
			Three months ended						Nine months ended
(unaudited)			September 30						September 30
(US$ millions)			2013			2012			2013				2012
Net income			$	68		$	23		$	139			$	29
Other comprehensive income (loss)
	Items that may be reclassified to net income
		Foreign currency translation		-			18			(39	)			24
		Available-for-sale securities - fair value changes		9			(28	)		(5	)			94
		Equity accounted other comprehensive loss		(71	)		(2	)		(431	)			(5	)
		Deferred income tax		13			-			53				(3	)
				(49	)		(12	)		(422	)			110
Comprehensive income (loss)			$	19		$	11		$	(283	)		$	139