Apollo Profit Soars

May 6 2013 | 3:09pm ET

Apollo Global Management posted a 76% jump in first-quarter profit on increasing values of its private-equity holdings and some asset sales.

The alternative investments giant said its economic net income after taxes was $741.3 million in the first three months of the year, up from $422.3 million in the year-earlier period and easily beating analysts' expectations. Under generally accepted accounting principles, Apollo's profit rose to $249 million, up from $98 million.

The firm's private-equity holdings increase in value by 14% on the quarter, and its assets under management rose to $114.3 billion. Its Fund VII has enjoyed a 28% internal rate of return, while its Fund VI has produced a 10% return.

Apollo said it would pay a 57 cent dividend.

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