Fees and Investment Gains Benefit Apollo; Q4 profits Swell- CHTR, BX, APO, KKR

Boston, MA 02/10/2013 (wallstreetpr) – Apollo Global Management LLC (NYSE:APO)’s rich investment portfolio is pushing its profits beyond estimates. The New York based company private equity firm, reported net earnings of $171.5 million for its 4th quarter on Friday, while rivals KKR & Co. LP (NYSE:KKR) and Blackstone Group LP (NYSE:BX) have reported similar improvements.

The company’s per share profits were $1.12 for the 4th quarter as against 20 cents per share. Its revenue climbed to $1.16 billion from last year’s revenues of $646 million.

The company’s economic net income grew twofold to $697 million from from $357 million for fiscal year 2011. Charges for private stock sales are not accounted for in this measure. Per share economic net income was $1.69 as against last year ‘s 80 cents a share. Analysts expected $1.05 net economic profit per share, over the period.

The value of funds, assets and investments managed by Apollo increased to $113.4 billion, marking a 51%  increment over the comparable period. Most of this improvement is due to the the growth in debt investments unit, the firm said.

Profits for the company’s private equity business doubled to $609 million mainly due to the gains in its holdings’ value.

Apollo Global Management LLC also earned cash inflow by selling off its holding in LyondellBasell a manufacturer and cable service provider Charter Communications Inc. (NASDAQ:CHTR) during the fourth quarter.

Despite a growth credit investment funds’ management fees credit division profits declined 36% to $90 million. Losses for the real estate segment were narrower compared to other segments.

The Blackstone Group LP (NYSE:BX)’s shares were up by 0.17% to close at $18.02. The shares of Charter Communications Inc. (NASDAQ:CHTR) were up by 0.32% to close at $80.89. The shares of Apollo Global Management LLC (NYSE:APO) were up 2.44% to close at $22.69. The KKR & Co. LP (NYSE:KKR) shares were up by 0.73% to close at $17.85.

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