Apollo Global Management on Thursday said its first-quarter profit fell 57% from a year ago.

The New York private-equity firm reported a first-quarter profit of $30.9 million, or nine cents a Class A share, down from $72.2 million, or 32 cents a share, during the same period a year ago.

Private equity and credit units rose while real estate saw a modest loss in the first quarter

Gillian Tan, The Wall Street Journal

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Apollo Management profit drops 57%

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