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Apollo Earnings Up, Thanks to PE

Apollo Global Management said that its second quarter earnings rose thanks to its private equity unit, Reuters reported. The firm said that economic net income — a measure used by private equity firms — was $140 million, up from $23 million a year earlier.

(Reuters) – Apollo Global Management (APO.N) said on Tuesday that second-quarter earnings rose, helped by higher profits from its private equity unit.

Apollo, in its second quarterly earnings report since its March initial public offering, said economic net income — a measure used by private equity firms — was $140 million, up from $23 million a year earlier.

GAAP results showed Apollo’s loss had narrowed to $51 million from $75 million.