Blackstone's 2Q Profit More Than Triples

Blackstone Group L.P.'s profit more than tripled in the second quarter as clients poured more money into the private equity firm's funds, the company said Monday.

Blackstone Group said second-quarter net income surged to $774.4 million from $224.1 million in the second quarter of 2006. The company reported a loss of 20 cents per share, but it only covered the last 12 days of the second quarter. Blackstone went public at the end of June.

Revenue climbed to $975.3 million from $324.6 million. Analysts polled by Thomson Financial forecast $1.06 billion in revenue and net income of $614.4 million.

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- Posted: 2007-08-13 10:29:28

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