Blackstone's first quarter earnings soar on asset sales

April 16, 2015 11:14 AM

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April 16 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, said on Thursday that its first-quarter profit doubled from a year ago, as strong asset sales generated by its private equity and real estate units generated record cash.

Blackstone said economic net income (ENI), a metric of its profitability takes into account the mark-to-market valuation of its portfolio, was $1.62 billion in the quarter, up 99 percent from a year ago.

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