UPDATE 3-Brookfield profit falls but acquisitions eyed

* Q3 EPS $0.17 vs EPS $0.27 yr-ago

* Exceeds estimates for $0.03 EPS, but shares fall

* Eyeing acquisitions in infrastructure, property (Recasts with comment from conference call, analyst)

TORONTO, Nov 6 (Reuters) - Profit at Brookfield Asset Management Inc (BAMa.TO: Quote, Profile, Research) fell about 35 percent in the third quarter, but the investor in property, power and infrastructure assets said it was sitting on huge amounts of capital and ready to pursue acquisitions.

Toronto-based Brookfield, a major stakeholder in Brookfield Properties (BPO.TO: Quote, Profile, Research), one of Manhattan's biggest office landlords, said on Friday its profit dropped as lower power prices in the sluggish economy offset slight increases in rent income.

Earnings fell to $112 million, or 17 cents a share, from $171 million, or 27 cents, a year earlier, and Brookfield shares fell 2.4 percent in late afternoon trade on the Toronto Stock Exchange.

Total revenue dipped to $3.0 billion from $3.2 billion, while fees earned rose to $157 million from $109 million.

Analysts said the focus this quarter was less on results than on what the big investor plans to do with its $3.8 billion in core liquidity -- capital that Chief Executive Bruce Flatt said put Brookfield in an enviable position to make acquisitions as distressed companies sell off assets.

"Access to this significant amount of capital places us in a select group of large investors who have both, in our view, both the capital and human resources to pursue recapitalization transactions on a global basis where it makes sense for us," Flatt told analysts on a conference call.