Apollo, in its second quarterly earnings report since its initial public offering in March, said economic net income (ENI) — a measure used by private equity firms — was $140 million, up from $23 million a year earlier.
Adjusted ENI per share was about 31 cents, according to Reuters calculations, which take into account compensation and tax. Analysts’ average forecast was 31 cents, according to Thomson Reuters I/B/E/S.
Apollo said it benefited from the sale of Hughes Communications, a broadband satellite services company that was sold to EchoStar Corp (SATS.O) in February for $1.33 billion. Apollo was a major shareholder in Hughes.
Apollo President Marc Spilker said that the falling markets over the past few days played to Apollo’s strengths as a “value-oriented and contrarian investor”.
Read more at: Reuters