Cushman & Wakefield saw losses widen to $24 mln (EUR 19 mln) in the first three months of 2012 from $8.7 mln in the year-earlier period, largely due to expenses incurred by its large-scale recruitment drive. The global independent global real estate adviser hired 400 staff in the first quarter of this year, on top of the 1,900 taken on during 2011.
Cushman & Wakefield saw losses widen to $24 mln (EUR 19 mln) in the first three months of 2012 from $8.7 mln in the year-earlier period, largely due to expenses incurred by its large-scale recruitment drive. The global independent global real estate adviser hired 400 staff in the first quarter of this year, on top of the 1,900 taken on during 2011.
Total operating expenses increased $13 mln, or 6.9%, to $202.5 mln over the period, from $189.5 mln in the first three months of 2011. The rise was primarily driven by an increase in employment expenses, due to higher headcount and salary increases and other operations-related costs in support of C&W Group's strategic growth initiatives.
Gross revenues increased $23 mln, or 6%, to $401 mln over the quarter, compared with $380 mln in the year-earlier period.
Cushman & Wakefield is owned by Exor, the listed Italian investment company controlled by the Agnelli family.
