Wednesday, 30 July 2014
Last updated 13 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…