TORONTO, ONTARIO--(Marketwire - Aug. 24, 2012) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net income of $9 million or $0.18 per common share for the three months ended June 30, 2012 compared with net income of $2 million or $0.04 per common share for the same period in 2011. Investment income increased by $7 million to $16 million in the current period, primarily due to income earned on the company's investment in Western Forest Products, which was acquired in December 2011, and a higher amount of foreign currency revaluation gains.
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., a global alternative asset manager with approximately $150 billion in assets under management, with a focus on property, renewable power, infrastructure and private equity assets.
Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.
| CONSOLIDATED BALANCE SHEETS |
| |
| (unaudited) |
(unaudited)
June 30 |
|
December 31 |
| (US$ millions) |
2012 |
|
2011 |
| Assets |
|
|
|
|
|
| |
Current assets |
|
|
|
|
|
| |
|
Deposits receivable |
$ |
249 |
|
$ |
243 |
| |
|
Securities |
|
224 |
|
|
217 |
| |
Non-current assets |
|
|
|
|
|
| |
|
Investments - Securities |
|
|
|
|
|
| |
|
|
Brookfield Office Properties Inc. |
|
965 |
|
|
866 |
| |
|
|
Brookfield Residential Properties Inc. |
|
62 |
|
|
44 |
| |
Investments - Associates |
|
|
|
|
|
| |
|
|
Brookfield Europe L.P. |
|
464 |
|
|
465 |
| |
|
|
Western Forest Products Inc. |
|
165 |
|
|
165 |
| |
|
|
Norbord Inc. |
|
70 |
|
|
70 |
| |
$ |
2,199 |
|
$ |
2,070 |
| Liabilities |
|
|
|
|
|
| |
Current liabilities |
|
|
|
|
|
| |
|
Accounts payable |
$ |
2 |
|
$ |
2 |
| |
|
Retractable preferred shares |
|
1,128 |
|
|
1,125 |
| |
Deferred tax liability |
|
53 |
|
|
55 |
| Equity |
|
1,016 |
|
|
888 |
| |
$ |
2,199 |
|
$ |
2,070 |
| |
|
|
|
|
|
| |
|
| |
|
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|
| |
|
| (unaudited) |
|
Three months ended
June 30 |
|
|
Six months ended
June 30 |
|
| (US$ millions, except per share amounts) |
|
2012 |
|
2011 |
|
|
2012 |
|
|
2011 |
|
| Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity accounted income (loss) |
|
$ |
4 |
|
$ |
1 |
|
|
$ |
(3 |
) |
|
$ |
50 |
|
| |
Dividend and interest income |
|
|
10 |
|
|
10 |
|
|
|
21 |
|
|
|
20 |
|
| |
Foreign exchange income (loss) |
|
|
2 |
|
|
(2 |
) |
|
|
2 |
|
|
|
(2 |
) |
| |
|
|
16 |
|
|
9 |
|
|
|
20 |
|
|
|
68 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest |
|
|
7 |
|
|
8 |
|
|
|
14 |
|
|
|
15 |
|
| Net income before income taxes |
|
|
9 |
|
|
1 |
|
|
|
6 |
|
|
|
53 |
|
| |
Income tax (expense) recovery |
|
|
− |
|
|
1 |
|
|
|
− |
|
|
|
(4 |
) |
| Net income |
|
$ |
9 |
|
$ |
2 |
|
|
$ |
6 |
|
|
$ |
49 |
|
| Net income per common share |
|
$ |
0.18 |
|
$ |
0.04 |
|
|
$ |
0.12 |
|
|
$ |
1.06 |
|
| |
|
| |
|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
| |
|
| (unaudited) |
|
Three months ended June 30 |
|
Six months ended
June 30 |
|
| (US$ millions) |
|
2012 |
|
|
2011 |
|
2012 |
|
|
2011 |
|
| Net income |
|
$ |
9 |
|
|
$ |
2 |
|
$ |
6 |
|
|
$ |
49 |
|
| Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Foreign currency translation |
|
|
(11 |
) |
|
|
1 |
|
|
6 |
|
|
|
11 |
|
| |
Available-for-sale securities - fair value changes |
|
|
(1 |
) |
|
|
90 |
|
|
122 |
|
|
|
109 |
|
| |
Equity accounted other comprehensive (loss) income |
|
|
(3 |
) |
|
|
− |
|
|
(3 |
) |
|
|
6 |
|
| |
Deferred income tax |
|
|
(3 |
) |
|
|
2 |
|
|
(3 |
) |
|
|
(2 |
) |
| |
|
|
(18 |
) |
|
|
93 |
|
|
122 |
|
|
|
124 |
|
| Comprehensive (loss) income |
|
$ |
(9 |
) |
|
$ |
95 |
|
$ |
128 |
|
|
$ |
173 |
|