Blackstone's loss narrows in third quarter
Blackstone's loss narrows in third quarter
11:13, November 07, 2009 
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The Blackstone Group LP, a U.S. leading hedge fund and private equity firm, on Friday posted a narrower loss for the third quarter.
Blackstone's revenue turned positive, to 597 million U.S. dollars, from negative revenue of 160.3 million dollars last year.
The loss after paying preferred dividends fell to 176.2 million dollars, or 91 cents per common unit, from 340.3 million dollars, or 1.56 dollars per unit in the same time last year.
"It has been just over a year since the onset of the global financial crisis. Equity and debt markets have continued to heal, many companies have reduced expenses and inventory levels, the cost of borrowing has declined and the availability of credit is slowly increasing," said Blackstone Chairman and CEO Stephen A. Schwarzman in a statement.
"We believe the worst is behind us though a recovery could be gradual and uneven. We see many opportunities to deploy our substantial available capital across each of our asset management businesses with attractive potential risk-return for our fund investors," he added.
Blackstone shares rose 97 cents, or 6.99 percent, to 14.84 dollars on the New York Stock Exchange.
Source: Xinhua
Blackstone's revenue turned positive, to 597 million U.S. dollars, from negative revenue of 160.3 million dollars last year.
The loss after paying preferred dividends fell to 176.2 million dollars, or 91 cents per common unit, from 340.3 million dollars, or 1.56 dollars per unit in the same time last year.
"It has been just over a year since the onset of the global financial crisis. Equity and debt markets have continued to heal, many companies have reduced expenses and inventory levels, the cost of borrowing has declined and the availability of credit is slowly increasing," said Blackstone Chairman and CEO Stephen A. Schwarzman in a statement.
"We believe the worst is behind us though a recovery could be gradual and uneven. We see many opportunities to deploy our substantial available capital across each of our asset management businesses with attractive potential risk-return for our fund investors," he added.
Blackstone shares rose 97 cents, or 6.99 percent, to 14.84 dollars on the New York Stock Exchange.
Source: Xinhua
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