Brookfield Asset Management Inc (BAM)

[Investorman]

Brookfield Infrastructure Partners Announces Year-End 2009 Results
Quarterly Distribution Increased by 3.8% to US$0.275 per Unit

.Companies:Brookfield Infrastructure Partners L.P.Brookfield Infra Partners L.P..Press Release Source: Brookfield Infrastructure Partners L.P. On Monday February 8, 2010, 7:30 am EST

HAMILTON, BERMUDA--(Marketwire - 02/08/10) - Brookfield Infrastructure Partners L.P. (the "Partnership") (NYSE:BIP - News) (TSX:BIP.UN - News) today announced its results for the year ended December 31, 2009, as well as those of its subsidiary, Brookfield Infrastructure L.P. (together with its subsidiaries "Brookfield Infrastructure")(1).

Adjusted net operating income ("ANOI")(2) for Brookfield Infrastructure totalled $117.4 million ($2.46 per unit) for the year ended December 31, 2009 compared to ANOI of $59.7 million ($1.54 per unit) in 2008. Brookfield Infrastructure's ANOI increased 24% over 2008 after adjusting for non-recurring revenue and the impact of TBE, which was sold in 2009. These results reflect the six week contribution from investments in Prime Infrastructure, Dalyrmple Bay Coal Terminal ("DBCT") and PD Ports following close of the recapitalization transaction on November 20, 2009, as well as strong performance from growth at Transelec. Excluding the impact of TBE and non-recurring revenue in 2008, ANOI from utility and energy operations was $55.8 million, a 35% increase versus 2008. Brookfield Infrastructure's timber operations continued to be impacted by the softness in the U.S. housing market. As a result of a depressed price environment and a reduction in harvest levels to preserve inventory value, ANOI from timber operations declined to a loss of $2.6 million, a 120% decrease compared with 2008.

In the fourth quarter of 2009, ANOI for Brookfield Infrastructure totalled $20.5 million ($0.27 per unit) compared to ANOI of $11.3 million ($0.29 per unit) in 2008. The increase in ANOI over the prior year was primarily due to inclusion of results from Prime Infrastructure, DBCT and PD Ports for the six-week period following acquisition close. ANOI from Brookfield Infrastructure's transmission operations increased $3.7 million due to growth at Transelec associated with the increase in its regulated rates and additions to its asset base. In the fourth quarter of 2009, Brookfield Infrastructure's timber operations reported a negative ANOI of $2.7 million reflecting continued weakness in timber markets.