Apollo's Q1 profit falls 20% as virus weighs on asset sales [Reuters (UK)]
Apollo Global Management, Inc. (New) (APO)
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Source: Reuters
Apollo's first-quarter profit falls 20% as virus weighs on asset sales - Reuters 3 Min Read NEW YORK (Reuters) - Apollo Global Management Inc ( APO.N ) said on Friday its first-quarter distributable earnings fell 20%, more than Wall Street expectations, driven by a decline in private equity asset sales amid the coronavirus-induced market turmoil. Apollo said distributable earnings (DE) - the cash available for paying dividends to shareholders - fell to $165.1 million from $207.4 million a year ago. This translated to DE per share of 37 cents, which missed the consensus analyst forecast of 48 cents, according to data from Refinitiv. Just like other buyout firms, Apollo was forced to mark down the value of its funds as global markets plunged due to economic shutdowns imposed by governments to curb the spread of the novel coronavirus. “The pandemic resulting from the novel coronavirus and the actions taken in response have caused severe disruption to the global economy and financial ma
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