Sunday, 30 August 2015
Last updated 2 days 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…