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4/18, 1:22 PM (Source: TeleTrader)
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Blackstone's profit jumps 34% to $0.71 per share

Blackstone Group LP declared a dividend or quarterly distribution per common unit of $0.37 on Thursday for the three months through March, compared to $0.35 from one year before. The financial services powerhouse said net attributable income jumped 30.1% year over year to $481 million on a 27.4% surge in net income to $1.07 billion. Profit per diluted share was boosted by 34% to $0.71. Distributable earnings, a category highlighted by the management, rose by 7.2% to $538 million or 7.3% to $0.44 per share.

"Our funds delivered attractive returns for our limited partners, as they have for over thirty years, helping us capture $43 billion of capital inflows in the quarter and a record $126 billion over the last twelve months. Blackstone's total assets under management now exceed half a trillion dollars, at $512 billion, up 14% year over year," chief executive Stephen Schwarzman said.

The private equity and alternative asset management firm revealed it would transform from partnership to a corporation on July 1, saying the move is planned for value creation for shareholders.

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