CB Richard Ellis booked a revenue of $US1.2 billion for the first quarter of 2007, an increase of 61.6% over the first quarter of 2006.
CB Richard Ellis booked a revenue of $US1.2 billion for the first quarter of 2007, an increase of 61.6% over the first quarter of 2006.
The company reported net income of $US12 million or $US0.05 per diluted share in the first quarter of 2007 compared with net income of $US36.9 million or $US0.16 per diluted share in the first quarter of 2006.
Excluding one-time items, the company would have earned net income of $US65.0 million, or $US0.27 per diluted share compared with net income of $US40.1 million in the first quarter of 2006.
CBRE’s president Brett White said the company’s first quarter results continue to reflect strong performance across virtually all business lines and geographies, as well as contributions from acquisitions.
Of the 61.6% revenue growth, over one-half was organic with the remainder attributable to acquisitions completed in 2006, particularly the acquisition of Trammell Crow Company in December 2006.
In January 2007, the company sold Trammell Crow Company’s approximately 19% ownership interest in Savills, which resulted in a non-cash, pre-tax loss of $US34.9 million in the first quarter of 2007.
The Asia Pacific segment did not incur any one-time costs in the current or prior year quarter.
In the Asia Pacific region, which includes operations in Asia,
This revenue increase was largely organic and was primarily driven by improved performance in
Operating income for the Asia Pacific segment improved significantly to $US9.9 million for the first quarter of 2007 compared to $US0.7 million for the same period last year. EBITDA for the Asia Pacific segment totaled $US9.5 million for the first quarter of 2007, an increase of $US7.4 million, or 352.7%, from last year’s first quarter.
Australian Property Journal
