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Asset manager BlackRock's quarterly profit falls 1.2%

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BlackRock Inc, the world's biggest asset manager, reported a 1.2 per cent fall in quarterly profit on Friday as investors rushed into low-cost funds.

[BENGALURU] BlackRock Inc, the world's biggest asset manager, reported a 1.2 per cent fall in quarterly profit on Friday as investors rushed into low-cost funds.

The New York-based company's net income fell to US$851 million in the fourth quarter ended Dec 31 from US$861 million a year earlier.

On a per share basis, BlackRock earned US$5.13, up from US$5.11 in the prior quarter as the number of shares outstanding fell. On an adjusted basis, earnings amounted to US$5.14 per share.

Analysts on average had expected earnings of US$5.02 per share, according to Thomson Reuters I/B/E/S, although it was not immediately clear if the numbers were comparable.

REUTERS

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