The provider of private equity, financial advisory, and investment management services, Blackstone Group (NYSE: BX), reported the loss of $66.5 million due to poor financial picture of business.
The New York City-based company said its revenue swooped down 94 percent to $68.5 million in the first quarter due to negative profit quantity derived from its investment funds. This year the company had only one leveraged buyout worth of $1.2 billion, compared with $42 billion in deals the previous year.
The main blow came from the evaporation of credit in the second half of last year that resulted in the inactivity of the LBO market, and from cut hedge-fund profits.
The expected profit from real estate funds decreased to $47.9 million from $766.8 million a year earlier.
Blackstone faced a net loss of $251 million, or 97 cents a share, including costs related to the vesting of executives' ownership stakes as part of the IPO.
Putin's official spokesman Dmitry Peskov commented on remarks in the US media about failures in launching nuclear-capable missiles in Russia
More than 5.8 million people voted for Nicholas Maduro at the presidential election in Venezuela. This is more than a quarter of registered voters. Why did those people vote for the man, who, as Western media write, took Venezuela to the brink of collapse?
It has long been understood that the West has been trying to subject Russian borders to total control. We have not seen such activity even during the Cold War