KKR Profit Falls 68%

Feb 9 2012 | 2:00pm ET

The fourth quarter wasn't kind to Kohlberg Kravis Roberts.

The private equity giant said its fourth-quarter economic net income fell 68% year-on-year to $225.5 million. Including charges excluded under that measure, the firm's profit actually fell 74% to $46.1 million.

KKR blamed sharply lower income from its p.e. funds and lower appreciation from the same. But its fee-based earnings actually rose 22.6% to $116.6 million.

"We had a very strong quarter to finish the year, and overall had a strong year," Scott Nuttall, KKR's head of global capital markets and asset management, said.

The firm managed $59 billion at the end of last year.

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