Apollo Global shares slip on 2Q net loss

NEW YORK — Investment company Apollo Global Management LLC said Tuesday its net loss improved from a year ago as revenue soared from interest income and a 14 percent increase in management fees.

The New York firm posted a net loss of $51 million, or 46 cents per share, compared with a loss of $75.1 million, or 79 cents per share, a year ago. A measure preferred by private equity firms called economic net income, which strips out stock-based compensation and income taxes, as well as other charges, shot up to $139.6 million from $22.9 million a year ago.

Revenue rose to $308.9 million from $79.3 million a year ago. The increase was primarily due to interest income of $164.1 million, up from a loss of $53.7 million a year ago. Management fee revenue grew to $121.2 million from $106.1 million a year ago.

Apollo's assets under management were $72 billion as of June 30, up 32 percent from the same time last year.

Apollo invests in companies, often with borrowed money, and then tries to sell them years later for more. It also invests in real estate and has funds that invest in debt. The company's IPO launched at the end of March after being put off since April 2008 because of the recession. The firm was founded in 1990 by Leon Black.

Shares fell 17 cents, or 1.3 percent, to $13.07.