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Blackstone reports 18 percent rise in third-quarter profit

[October 16, 2014]  (Reuters) - Blackstone Group LP,  the largest publicly listed alternative asset manager, reported an 18 percent rise in third-quarter profit on Thursday, missing many analysts' expectations.

Blackstone, whose investments include the Weather Channel, shoemaker Crocs Inc and SeaWorld Entertainment Inc, said economic net income, a metric of profitability that takes into account the mark-to-market valuation of its portfolio, was $758 million for the quarter, up from $640 million a year earlier.

This translated into ENI of 66 cents per share. Analysts in a Thomson Reuters poll had forecast 72 cents on average.

Distributable earnings, which show actual cash that is available to pay dividends, rose 115 percent in the third quarter to $672 million.

Assets under management were $284 billion at the end of September, up from $279 billion at the end of June.

Blackstone declared a quarterly distribution of 44 cents per common unit.

(story corrects analysts' estimate to 72 cents per share, not 81 cents per share)

(Reporting by Greg Roumeliotis in New York; Editing by Lisa Von Ahn)

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