The Blackstone Group said Thursday that its profit more than tripled in the second quarter, bolstered once again by its huge real estate operations as the market for commercial property continued to improve, the good people at Dealbook report.
“Despite the challenges presented by slowing global economic growth, over all our portfolio companies and real estate investments performed well in the second quarter,” Stephen A. Schwarzman, chief executive of Blackstone, said in a statement.
The private equity firm reported a profit of $703.3 million, or 63 cents a share, in the latest quarter, compared with a profit of $205.2 million, or 18 cents a share, in the period a year earlier. Blackstone reports its profit as economic net income after taxes, which excludes charges tied to the firm’s initial public offering in 2007…..
There's more at http://dealbook.nytimes.com/2011/07/21/blackstone-profit-jumps-243/
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