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Blackstone posts lower fourth-quarter results


    NEW YORK (Reuters) - Private equity and real estate company Blackstone Group LP on Monday said that challenging business conditions and a write-down of bond insurer FGIC led to lower fourth-quarter results.

    Under a measure known as economic net income (ENI), Blackstone earned $128.2 million, or 8 cents a share, compared with $894.9 million a year earlier.

    ENI is net income excluding income taxes, noncash charges related to vesting of equity-based compensation, and amortization of intangible assets. Blackstone focuses on ENI because of the huge payouts associated with its more than $4 billion initial public offering last June.

    (Reporting by Megan Davies; editing by John Wallace)