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.
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Comment by randi on 24 April 2009:
wow, that’s a great news to hear, well done keep it up your good work