BlackRock Still Profitable Even With Poor Commercial Market
This is pretty good news. BlackRock seems to be the poster child for excesses in the commercial real estate world. Yet, in the midst of all this turmoil last quarter they still earned 110 million in profit.
So while we are all fretting about this and that, BlackRock is still making money even when they made huge investments at the top of the market.
That should tell you something.
Distress in several investment sectors, including bonds and real estate, dragged down profits. BlackRock said it had $110 million in adjusted net income, or 81 cents a share, matching analysts’ estimates. Its revenue for the quarter fell 24 percent, to $987 million, from $1.3 billion at the same time last year.
Net income including one-time charges fell 65 percent, to $84 million, or 62 cents a share, from $241 million, or $1.77 a share, a year ago.
“Obviously, asset management businesses are experiencing probably the worst headwinds that they’ve ever experienced in modern times,” Laurence D. Fink, BlackRock’s chairman and chief executive, said in a conference call with analysts. “This is going to dramatically change the industry.” via NYTimes.com.
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
Comment by randi on 24 April 2009:
wow, that’s a great news to hear, well done keep it up your good work