TORONTO, April 29, 2005 – Brascan Corporation (TSX/NYSE: BNN) today announced record operating results for the first quarter ended March 31, 2005. Cash flow from operations totalled $173 million and net income increased to $165 million, compared with $136 million and $145 million, respectively for 2004. Cash flow from operations on a per share basis increased by 27%, and net income increased 11%.
|
For the three months
ended March 31 |
US$ millions
(except per share amounts) |
2005 |
2004 |
|
| Net income |
$ |
165 |
$ |
145 |
|
– per share |
$ |
0.59 |
$ |
0.53 |
| Cash flows from operations |
$ |
173 |
$ |
136 |
|
– per share |
$ |
0.62 |
$ |
0.49 |
|
|
Bruce Flatt, President and Chief Executive Officer of Brascan commented: “We made operational and financial progress in all of our operations during the first quarter. In particular, the contribution from our power operations grew substantially as a result of productivity enhancements, and new facilities added to our portfolio. Our property operations also continued to benefit from strong fundamentals in each of our core markets.”
Dividend Declaration
On April 28, 2005, the Board of Directors declared a dividend of US$0.15 per Class A Share, payable on August 31, 2005, to shareholders of record as at the close of business on August 1, 2005.
Information on Brascan's common and preferred share dividends can be found on Brascan's web site under Investor Centre/Stock Information.
Additional Information
The Letter to Shareholders and the company's Supplemental Financial Information for the three months ended March 31, 2005 contains further information on the company's strategy, operations and financial results. These documents are available on the company's web site.
Brascan Profile
Brascan Corporation is an asset management company. With a focus on property, power and infrastructure assets, the company currently has over $40 billion of assets owned and under management. This includes 70 premier office properties and nearly 130 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.LV.A, respectively.
For more information, please visit our web site at www.brascancorp.com
or contact:
|
Katherine C. Vyse
Senior Vice-President
Investor Relations and Communications
Tel: 416-369-8246
e-mail: kvyse@brascancorp.com
|
