Apollo Global Management posts lower second-quarter profit

Wed Aug 6, 2014 7:41am EDT

Aug 6 (Reuters) - Apollo Global Management LLC said on Wednesday its second-quarter earnings declined 6 percent, missing most analysts' expectations, as it sold fewer of its private equity holdings while taxes and expenses rose.

Total economic net income (ENI) after taxes was $207.5 versus $220.1 million in the quarter of 2013. This translated into ENI per share of 52 cents, lower than the average analyst estimate of 66 cents, according to a poll by Thomson Reuters I/B/E/S.

Apollo cited a higher tax provision and increased profit-sharing expenses for the $12.6 million decrease in ENI.

Distributable earnings after taxes and related payables, which show actual cash available to pay dividends, came to $227.1 million versus $603.9 million for the same period in 2013.

Total assets under management were $167.5 billion as the end of June, up from $159.3 billion as of the end of March.

Apollo declared a second-quarter dividend of 46 cents. (Reporting by Greg Roumeliotis in New York; Editing by Jeffrey Benkoe)

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