Tuesday, 28 June 2016
Last updated 2 hours ago
Oct 17 2013 | 2:49pm ET
The Blackstone Group said its third-quarter profit soared 33%—in spite of a sharp drop in its private-equity revenues.
The New York-based firm said its profit was $171.2 million, up from $128.8 million. The gain was driven by a huge quarter for its real-estate business, which saw a 43% jump in economic net income, and its advisory business, which posted a 40% jump in revenue.
Blackstone's p.e. unit, by contrast, posted economic net income 57% lower than the year-earlier period, and its credit and hedge funds business lost a little ground. Its investment rose 4.2% on the quarter.
The firm's overall economic net income was $640.2 million, up 3% from the third quarter of last year. Distributable earnings jumped 59% to $312.7 million; Blackstone said it would pay a 23-cent dividend.
Assets under management were also up sharply, rising 21% from the year earlier period to $248 billion. That figure is also 8% higher than at the end of the second quarter.