(AOF) – In the first quarter, alternative asset manager Blackstone revealed significantly improved results. It reported net profit, group share, of $847.39 million, or $1.11 per share, compared with net profit of $86.81 million, or 11 cents, a year earlier. Distributable profit, which analysts use as a benchmark, rose 1% to $1.27 billion, or 98 cents per share. The latter exceeded the Bloomberg consensus amounting to 96 cents.
Fee related earnings, which measure the recurring result of the asset management activity, increased by 12% to $1.16 billion.
Assets under management increased 7% to $1.061 billion after recording inflows of $34 billion in the second quarter.
Blackstone said a dividend of 83 cents per share will be paid on May 6.
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