Bermudian-based Brookfield Business Partners LP, part of the Brookfield group of companies with extensive Bermudian-based operations, posted a third-quarter net loss per share of 28 cents, falling well short of analyst expectations of a 46-cent profit.

The loss marks a sharp swing from last year’s profitability but was offset by a large revenue jump to $6.92 billion, more than double market forecasts of $3.15 billion.

Despite the earnings miss, Brookfield’s stock rose nearly 5 per cent to $34.71, reflecting investor confidence in its capital recycling strategy and steady liquidity position of $2.9 billion.

Adjusted earnings before interest, taxes, depreciation and amortisation fell year-on-year to $575 million from $844 million, while adjusted funds from operations came in at $284 million.

Anuj Ranjan, chief executive, highlighted the firm’s $2 billion in proceeds from asset sales this year and ongoing investment in artificial intelligence-driven operational improvements.

“The fourth industrial revolution powered by AI is happening before our very eyes,” he said on an earnings call, adding that the company’s strength lies in combining operational expertise with access to capital to “ensure our businesses are propelled and not disrupted by it”.

Brookfield Business Partners continues to simplify its corporate structure and pursue monetisation of mature assets, including a potential initial public offering of its Brazilian water infrastructure arm, BRK. The group said it also plans to deploy further funds into strategic acquisitions following recent investments in industrial and scientific manufacturing companies.

The results come amid a broader period of strong performance for Brookfield’s Bermudian-linked entities.

Brookfield Property Partners is headquartered in Hamilton, while Brookfield Renewable Partners operates as a Bermudian-based limited partnership.

In 2020, the group also established a Bermudian-domiciled reinsurer, now known as Brookfield Reinsurance, which oversees its expanding insurance and reinsurance portfolio.

These operations are soon to be anchored at Brookfield Place, the new office complex under construction on Front Street that will serve as the global headquarters for Brookfield Reinsurance and other Bermudian-based entities within the group.