NEW YORK (AP) — Reflecting gains in financial markets, investment manager KKR & Co. L.P.'s fourth-quarter profit grew as it marked up the value of the companies and other assets it owns, and earned more fees from them.
The New York-based company's profit more than doubled, totaling $96.7 million, or 36 cents per share, in the three months through Dec. 31. In the same months last year, profit came to $46.1 million, or 20 cents per share.
A separate profit measure preferred by the private equity industry, economic net income, rose 50 percent to $337.1 million, or 48 cents per share. ENI strips out some costs including charges for employee stock compensation connected to the 2010 IPO.
Analysts polled by FactSet expected 29 cents per share.
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