TORONTO, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. ((the "Partnership", TSX:PVF, TSX:PVF) announced today its financial results for the six months ended June 30, 2024. All amounts are stated in U.S. dollars.
The Partnership generated net income of $21.6 million for the quarter ended June 30, 2024, compared to a net loss of $8.1 million in the prior year quarter. The increase in income was primarily driven by the higher dividend income as well as foreign currency, tax and investment valuation gains. Income of $19.2 million was attributable to the Equity Limited Partners, and $2.4 million was attributable to Preferred Limited Partners.
As at June 30, 2024, the market prices of a Brookfield Corporation ((the "Corporation", TSX:BN) and Brookfield Asset Management Ltd. ((the "Manager", TSX:BAM) share were $41.54 and $38.05, respectively. As at August 16, 2024, the market prices of a BN and BAM share were $46.57 and $40.90, respectively.
Consolidated Statements of Operations
(Unaudited)For the periods ended June 30(Thousands, US dollars)
Three months ended
Six months ended
2024
2023
2024
2023
Investment income
Dividends
$
23,429
$
22,680
$
47,456
$
42,287
Other investment income
4,160
2,219
8,195
5,435
27,589
24,899
55,651
47,722
Expenses
Operating expenses
(1,301
)
(457
)
(3,738
)
(1,041
)
Financing costs
(2,545
)
(2,344
)
(5,026
)
(4,644
)
Retractable preferred share dividends
(10,223
)
(10,372
)
(19,959
)
(20,688
)
13,520
11,726
26,928
