US broker CB Richard Ellis, which is taking over Insignia, yesterday recorded a reduced loss for the first quarter of the year.
An 18% hike in revenues to $263.7m from $224m helped the group, which owns CB Hillier Parker in the UK, to a net loss of $1.35m from $6.1m in 2002.
The Europe, Middle East & Asia area, which includes income from CBHP, rose by 50% to $45,478 from $30,073. Operating losses reduced to $784,000 from $3m.
Insignia Richard Ellis in the UK buoyed its parent company’s performance in the first quarter, according to the full quarterly earnings report released yesterday.
It reported revenues up 20% to $25.2m from $20.9m – aided by $1.7m from currency movements. Earnings rose $0.3m to $1.7m.
Overall, Insignia made a net loss of $4.8m, even after taking a $3.8m exceptional profit from the sale of its New York residential businesses.
References: EGi News 15/05/03
