Sunday 24 June 2018

CBRE posts Q2 net profit, revenue up

New York, July 28, 2010

CB Richard Ellis Group (CBRE), one of the world's largest commercial real estate service companies, posted a second-quarter net profit and its strongest revenue growth since 2007, sending shares up 5.5 per cent in after-hours trade.

Second-quarter net income was $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents per share, a year ago, the company said.

Excluding one-time charges related to acquisitions, severance and space consolidations, write-downs of impaired assets and financing costs, the company earned $58.8 million, or 18 cents per share, exceeding analysts' average expectation for 9 cents per share, according to Thomson Reuters.

Revenue for the Los Angeles-based company rose 23 per cent to $1.2 billion. Analysts, on average, had expected $1.10 billion.

The US commercial real estate market has been clawing its way back to profitability from a severe decline that began in late 2007 and took a nose-dive last year.

Service companies were hard hit because their revenue is partly dependent on sales and leasing commissions.

In the Americas, revenue rose 20 per cent to $722.3 million. In Europe, the Middle East and Africa, revenue rose 28 per cent to $225.4 million.

In Asia-Pacific, revenue rose 29 per cent to $158.7 million.

CBRE’s shares traded up 5.5 per cent after hours to $16.25 from their close of $15.41. – Reuters

Tags: New York | Shares | CBRE | Revenue | Q2 profit |


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