Blackstone reports Q3 profits

by Richard Kilner

Story link: Blackstone reports Q3 profits

The Blackstone Group has reported its third quarter financial results, during which it made net income of $275m.

This marks an increase from the Q2 profits of $181m, and on the corresponding period last year when the firm incurred a loss of $503m.

The firm has retained strong ratings, with Standard & Poor’s rating it A with a stable outlook and Fitch considering it A+ with a stable outlook.

The third quarter marks the second successive quarter of profits for Blackstone, after suffering a Q1 loss of $73m.

Chairman and CEO Stephen A. Schwarzman has stated his view that although the worst of the financial crisis has now passed the recovery will be gradual, and uneven.

Schwarzman added that the firm’s capital position and the changing situation meant that there were various opportunities for the firm to deploy its capital across its asset management businesses.