American Financial advisory firm Blackstone has posted a profit of US$211.1 million, or 36 cents a unit for the second quarter of 2013, compared with a loss of US$75 million, or 14 cents a unit a year-earlier.
Revenue rose to US$1.4 billion, from US$644 million a year ago. Second quarter revenue included US$719 million in performance based fees, US$605 million in real estate activities and US$356 million in private equity.
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Blackstone’s fee-earning assets under management totalled US$176.34 billion, up 12% from a year earlier. Total assets under management rose 21% to US$229.57 billion.
The firm has declared a quarterly distribution of 23 cents per common unit to record holders. The dividend will be payable on August 5 to shareholders of record on July 29.
Stephen Schwarzman, chairman and CEO of the company said: "In the second quarter, Blackstone doubled revenues and tripled earnings compared to a year ago, as good returns in every one of our businesses drove higher performance fees. Robust realizations allowed us to generate significant returns for our fund investors and higher distributable earnings for our unitholders. These past three quarters have been the highest in distributable earnings since Blackstone went public six years ago."
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