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CB Richard Ellis Group, Inc. reports 54% third quarter increase in revenue

United Arab Emirates: Thursday, November 29 - 2007 at 13:24
PRESS RELEASE

CB Richard Ellis Group Inc., the leading global property advisory announced an increase of 54.2% in revenue in the third quarter of 2007 compared to the third quarter of 2006.

Nicholas Maclean, Managing Director, CB Richard Ellis Limited, Middle East.

For the third quarter of 2007, CB Richard Ellis generated revenue of $1.5bn, up 54.2% over the $967.9m posted in the third quarter of 2006. The company reported net income of $114.9m, or $0.48 per diluted share, in the third quarter of 2007 compared with net income of $92.3m, or $0.39 per diluted share, in the third quarter of 2006.

Nicholas Maclean, Managing Director, CB Richard Ellis Middle East, said the company's performance was driven by strong global growth,

"We had outstanding results this quarter with solid growth across all international markets. Our third quarter revenue almost doubled for the Americas, Europe and the Asian Pacific region; integration of the Trammel Crow Company also proved beneficial as it increased revenue by 23% compared to 14% for the same period last year."

"Even though market conditions were not favorable, CB Richard Ellis performance exceeded initial projections," he added.

CB Richard Ellis Group, Inc. was recently named the 33rd fastest growing company in the US, in FORTUNE magazine's top 100 list for 2007.

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Posted by Anne-Birte Stensgaard, Senior News Editor
Thursday, November 29 - 2007 at 13:24 UAE local time (GMT+4)

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CB Richard Ellis Group, Inc. reports 54% third quarter increase in revenue

CB Richard Ellis Group Inc., the leading global property advisory announced an increase of 54.2% in revenue in the third quarter of 2007 compared to the third quarter of 2006.

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