Apollo Global Management LLC (APO.N) said second-quarter earnings rose, helped by higher profits from its private equity unit. Apollo, in its second quarterly earnings report since its initial public offering in March, said economic net income (ENI) -- a measure used by private equity firms -- was $140 million, up from $23 million a year earlier. Apollo said it benefited from the sale of Hughes Communications, a broadband satellite services company that was sold to EchoStar Corp (SATS.O) in February for $1.33 billion. Apollo was a major shareholder in Hughes. Using Generally Accepted Accounting Principles, Apollo posted a loss of $51 million, compared with a year-earlier loss of $75 million.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $13.24. In the past year, the shares have traded as low as $12.81 and as high as $19.00. On average, 319517 shares of APO exchange hands on a given day and today's volume is recorded at 0.
EchoStar Corporation (EchoStar) is a holding company. Shares of SATS have traded as low as $18.10 and as high as $38.47. On average, 188544 shares of SATS exchange hands on a given day.
