[ by Melanie Gretchen ] Apollo Global Management reported on Thursday that it limped its way out of the 2nd quarter of 2012.  The firm took a staggering loss in the quarter, as the private equity firm's profits dipped 66% from last year's results, which were Q2 profits of $117.5 million.  They earned $18.7 million in 2012.  Yet, even with the large decline - this year, Q2 profits worked out to about 5¢ per share - way ahead of analyst expectations, which anticipated a consensus loss of 17¢ a share. What Happened. Lower income from its mainstay private equity funds contributed to the firm's figures, compared with the year-ago period, when it sold Hughes Communications, the satellite Internet company.  Its portfolio of investments also experienced slower growth, which is affecting all private equity firms - including rival the Blackstone Group. Firm Troubles. Apollo's private equity business had a 50% drop in economic net income for the quarter, to $55.8 million.  In other parts of the firm, capital markets unit reported an economic net loss of $14.4 million for the quarter, in contrast from a gain of $10.5 million during the year-ago period.  In its real estate division, the firm reported a 76% drop in economic net income, to $600,000. Saving Grace. Nevertheless, its assets under management also grew 46% in the 2nd quarter, to $105 billion, driven by new capital that the firm had raised and acquisitions of other fund managers.  Despite lower unrealized gains, the division closed on its acquisition of the El Paso Corporation's exploration and production assets, a $7.1 billion deal that is one of the biggest leveraged buyouts since the financial crisis.  [CI Note: A new hope?] For further details, go to [Dealbook, 8/2/12].