November 8, 2012 / 12:12 PM / 8 years ago

Carlyle returns to Q3 profit as assets recover

(Reuters) - Carlyle Group LP (CG.O) reported on Thursday a third-quarter profit, as the value of its assets increased and it cashed out on some of its private equity investments, returning money to its investors.

Carlyle reported third-quarter economic net income, a measure of its profitability, of $219 million, compared with a loss of $191 million a year before.

Assets under management were $157.4 billion at the end of September, up 0.8 percent from the end of June, while fee-earning assets under management were $115.1 billion.

Distributable earnings after taxes, which included realized investment gains and accounted for cash available to pay dividends, came in at $206 million compared with $244 million in the third quarter of 20111.

The private equity firm declared a third-quarter distribution of 16 cents per common unit.

Carlyle shares are up 16 percent since the firm completed an initial public offering in May, compared with a 7 percent rise for peer KKR & Co LP (KKR.N), a 14 percent gain for Apollo Global Management LLC (APO.N) and a 12 percent rise for Blackstone Group LP (BX.N). (Reporting by Greg Roumeliotis in New York; Editing by Gerald E. McCormick)

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