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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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From: ldo7911/12/2007 8:49:58 AM
   of 436258
 
Chinese must be real happy after sinking ~$3bil into this one - and then getting whacked by the "strong" clownbuck as a value-added gift!

Blackstone Profit Misses Estimates; Shares Decline (Update1)
By Jason Kelly

Nov. 12 (Bloomberg) -- Blackstone Group LP, manager of the world's largest buyout fund, said third-quarter profit missed analysts' estimates as the value of its real estate holdings declined, sending its shares down 9.7 percent.

Profit excluding some compensation costs dropped to $234 million from $239.1 million a year earlier, the New York-based company said today in a statement. On that basis, profit was 21 cents a share, compared with the 30-cent average estimate of seven analysts surveyed by Bloomberg.

Real estate revenue dropped 44 percent to $109.1 million, offsetting gains in corporate buyouts and asset management.

`Weakness in the subprime residential lending area spread to general commercial real estate lending,'' Blackstone said in the statement.

Blackstone shares fell $2.36 to $21.92 at 8:31 a.m. New York time on electronic markets. The stock had lost 22 percent this year, compared with the 4.5 percent decline by the Standard & Poor's 500 Index.

The firm had a net loss of $113.2 million, or 44 cents a share, compared with a net loss of $165.5 million, or 65 cents, a year earlier. Revenue rose to $526.7 million from $461.5 million.

The fair value of Blackstone's investments dropped to $6.7 billion as of Dec. 31, according to the statement.
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