CG Carlyle Group Inc

Apollo Global Management LLC's second-quarter profit rose as its buyout and debt holdings appreciated.

The New York investment firm's earnings rose to $174.1 million, or 91 cents a share, from $56.4 million, or 30 cents a share, the same period a year earlier.

Apollo's economic profit—a closely watched measure of income that includes changes in the value of unrealized investments—rose to $394.9 million, or 98 cents a share, from $154.7 million, or 38 cents a share, a year earlier. The latest result handily beat 20-cent average forecast of analysts in a Thomson Reuters poll.

Private-equity firms posted mixed results for the three months through June, as Britain's vote to leave the European Union sparked a brief selloff in stocks and other markets just as the period was ending. By and large, such firms' asset sales—and thus, distributions to shareholders—have slowed from the past few years, when a rally in stocks enabled them to take profits on prior years' investments.

KKR & Co. and Carlyle Group LP last week reported their economic profits fell less than analysts expected. Blackstone Group LP posted an increase in economic net income, helped by appreciation in its credit and real-estate holdings.

Apollo's private-equity business spent $4.6 billion during the quarter, buying home-security company ADT Corp. and grocer Fresh Market Inc. That marked Apollo's biggest quarter for buyouts spending since its 2011 initial public offering.

Apollo's private-equity portfolio appreciated 3.1% during the period. Its Norwegian Cruise Line Holdings Ltd. declined 28% during the quarter, offsetting gains by Apollo in shares of portfolio companies EP Energy Corp. and Caesars Entertainment Corp. The firm's $134 billion credit business, its largest by assets, returned of 3.3% after fees.

The firm's distributable earnings, which reflect cash profits from asset sales and fund payouts to shareholders, fell to $161.3 million from $199.5 million a year earlier.

Apollo said it would pay a per-share dividend of 37 cents, down from 42 cents.

The firm's shares closed Tuesday at $16.96, up 12% year-to-date.

Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com

(END) Dow Jones Newswires

August 03, 2016 08:15 ET (12:15 GMT)

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