Aug 6 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
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
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