Bermuda-based life asset company Brookfield Infrastructure Partners LP reported adjusted net operating income of $16.4 million for the second quarter of 2008 for Brookfield Infrastructure LP.

The partnership's sole material asset is its 60 percent limited partnership interest in Brookfield Infrastructure, which the partnership accounts for using the equity method.

Brookfield Asset Management Inc. and its affiliates own the remaining 40 percent of Brookfield Infrastructure, which through a redemption exchange mechanism, can be converted into an equivalent interest in the partnership.

For the period, Brookfield Infrastructure benefited from $4.7 million of non-recurring income from its Chilean transmission operations, Transelec, associated with the introduction of Transelec's recently finalised transmission rate proceeding retroactively to March 2004, offset by a declined in dividends to $0.1 million from TBE, its Brazilian transmission investments.

Net income was $2.3 million for the three months ended June 30, 2008, while it was $7.9 million for the first six months of the year. Adjusted net operating income was $31.8 million.

"Brookfield Infrastructure's results were driven by a strong performance from its electricity transmission operations, which was partly offset by a challenging quarter from its timber operations," said Sam Pollock, co-CEO of Brookfield's infrastructure group.

"In Brookfield Infrastructure's timber business, we are continuing to optimise the value of its timberlands, in light of market conditions, by shifting harvest towards timber stands with a higher concentration of products less dependent on demand from the US housing sector, as well as by increasing exports."