Wednesday, 6 May 2015
Last updated 1 hour ago
Aug 3 2011 | 2:14pm ET
Kohlberg Kravis Roberts' second-quarter profit dropped by more than a quarter on lower appreciation of its investments.
The New York-based private equity giant said its economic net income on the quarter was just $315 million, down from $433 million in the second quarter of last year. The numbers missed analysts' expectations and sent KKR's stock tumbling.
Profit excluding some costs fell 25% to $245.3 million year-on-year.
The firm added that its investment income on the quarter was less than half that of the first quarter, $239.8 million compared to $617.9 million. Fee-related earnings, by contrast, rose 20% to $76.1 million and distributable earnings rose 34% to $103.2 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…