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US asset manager Apollo reports USD171.5m profit in Q4  Join our daily free Newsletter

MENAFN - 09/02/2013

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(MENAFN) New York-based private equity firm Apollo Global Management LLC reported higher fourth-quarter profits on higher value of its investments, AP reported.

The, which competes with rivals Blackstone and KKR, said it made USD171.5 million net profit during the last quarter of 2012, up from USD10.9 million a year earlier.

Quarterly revenue rose to USD1.16 billion from USD646 million a year ago, the company added.

Apollo said the value of its investments and funds under its management climbed by 51 percent to USD113.4 billion.

In the private equity business, the company's profit more than doubled, to USD609 million, as it benefited from gains in the value of its holdings.

The company made money from selling off some of its stakes in Dutch manufacturer LyondellBasell and cable provider Charter Communications Inc. during the fourth quarter.

Despite growth in fees to manage credit investment funds, profit in Apollo's credit division dropped 36 percent, to USD90 million. Its real estate segment posted a narrower loss.

 






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