Blackstone books precipitous loss

Blackstone Group today announced fourth-quarter losses of $170 million, compared with a profit of $1.18 billion one year earlier.
MAR 10, 2008
Blackstone Group of New York today announced fourth-quarter losses of $170 million, compared with a profit of $1.18 billion one year earlier. The company reported revenue of 345 million in the fourth quarter, down from $1.28 billion in 2006. The private-equity company attributed the downturn to uncertain market conditions that discourages investment, citing the subprime mortgage crisis and investor concerns about the state of the U.S. housing market. The company also stated that its recent reorganization affected the comparison between the two quarters.

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