Blackstone Reports Loss on I.P.O. Charges |
| New York Times - Nov 12, 2007 |
The Blackstone Group, one of the world’s biggest private equity firms, reported a net loss of $113.2 million for its third quarter this year owing to noncash charges related to its initial public offering in June.
Despite its loss, which amounts to about 44 cents per unit, the firm said that it increased revenues to $526.7 million for the three months that ended Sept. 30, up from $461.5 million during the same time last year. Analysts had expected earnings of 30 cents a share, according to Thomson First Call.
Investors and analysts have been waiting for Blackstone’s earnings to see how the summer’s credit market problems would affect the private equity firm’s earnings. With less cheap debt available for acquisitions, many have anticipated that the buyout industry would suffer.
Read Full Article from New York Times
- Posted: 2007-11-12 09:38:32
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