Reuters: Leon Black's Apollo posts strong gains as assets rise

Apollo Global Management LLC, the alternative asset manager headed by billionaire Leon Black, reported better-than-expected third-quarter earnings as the value of its assets soared and it sold stakes in some companies. Apollo said total economic net income (ENI) - a measure of profitability that takes into account the market value of its assets - was $434 million for the third quarter, compared with a $1.16 billion loss for the same period in 2011. This translated into ENI of 98 cents per share after taxes. The consensus view was for 73 cents, according to a poll of analysts by Thomson Reuters I/B/E/S.

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