$275 Million Profit for Q3 Reported by Blackstone
One of the world's largest and top ranked private-equity firms, Blackstone Group LP has reported a third quarter profit of $275.3 Million on the back of funds from selling of assets and finding potential targets for acquisitions.
The profits reported by the company for the July-September period for the current year stood at 25 cents per share, a significant improvement from the loss reported for the same period last year which stood at $502.5 million, or 45 cents.
The posted figure has managed to beat the estimates made by analysts, who pegged the price of each share at 14 cents. "Equity and debt markets have continued to heal", Chief Executive Officer Stephen Schwarzman said in the statement today.
"We believe the worst is behind us though a recovery could be gradual and uneven". Post the revelation of the figures, shares of Blackstone rose by 5.9% in the NY Stock Exchange to reach a per share price of $14.69. With the latest success, and the market pulling out of the recession steadily, Blackstone is now looking to post even better profits for the coming quarter and year.