CB Richard Ellis (CBRE) posted a net profit of $34.4 mln (EUR 23.5 mln) in the first three months of 2011, compared to a loss of $6.6 mln in the same period a year before. The much-improved performance, driven by a sharp increase in revenue linked to growing property sales, comes against a backdrop of steadily improving market fundamentals globally.
CB Richard Ellis (CBRE) posted a net profit of $34.4 mln (EUR 23.5 mln) in the first three months of 2011, compared to a loss of $6.6 mln in the same period a year before. The much-improved performance, driven by a sharp increase in revenue linked to growing property sales, comes against a backdrop of steadily improving market fundamentals globally.
'Our results for the quarter reflect a very nice start for 2011,' said CEO Brett White. 'This is particularly significant because the first quarter typically sets the tone for the rest of the year.'
Revenues for the quarter rose by 16% to $1.2 bn, from $1.0 bn in the same period in 2010. Sales revenue in particular reported a 34% surge year-on-year as capital flows continued to improve and credit standards returned to historically normal levels. 'Looking ahead, general market trends remain favourable with rising transaction activity and improving fundamentals across most of the world,' Brett added.
Although Asia-Pacific was the company's fastest-growing region with a 19% revenue increase, the EMEA grew robustly as well, posting a 9% rise to $205 mln. CBRE said growth in the region was led by rapidly-accelerated outsourcing gains which were, however, partially offset by slower property sales and leasing activity, primarily in the UK.
