Cushman & Wakefield made a $76m (£46.6m) loss in the first half of 2009, it emerged last Friday.
Accounts for Exor, the investment vehicle of the Italian Agnelli family, which owns a 68% stake in Cushman & Wakefield, show that revenue dropped by 32% from the same period last year to $498m.
The loss was driven by a $30m writedown on intangible assets, such as goodwill, a $15m writedown on non-recurring tangible and intangible assets, and $15min restructuring charges.
Cushman & Wakefieldsaid that it hadremoved $300m of costs this year.
Earlier this year, Exor provided a $50m loan to Cushman & Wakefield, $20mof which was drawn down to ensure that C&Wcomplied withits $334m of debt.
