Deutsche Beteiligungs, Germany's oldest buy-out firm, illustrated the current volatility of private equity firms by turning its first quarter results from a loss to a profit with just one disposal.

The firm made a profit of €3.4m ($3.7m) after tax in the three months to the end of January 2003. The comparable period last year showed a €1.6m loss. The difference was a single disposal, the sale of Edscha, the German automotive company, to The Carlyle Group.

Deutsche Beteiligungs converts loss to profit in first quarter

William Hutchings

The Carlyle Group

Deutsche Beteiligungs

JP Morgan Chase

Deutsche Bank

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