CB Richard Ellis has blamed a 7% fall in its fourth quarter European profits on
The world’s largest real estate group said that earnings for the last three months of 2007 fell from $95.5m to $88.6m in the EMEA region.
“The current year quarter’s lower operating income and EBITDA is mainly due to non-recurring payroll and payroll-related charges incurred in the
However, overall revenues for the EMEA region were up 20.7% for the quarter, and climbed 41% for the year to $1.3bn.
CBRE reported a dip in its global earnings from $125m to £122.4m for the fourth quarter, largely due to acquisition expenses.
For the full year, however, the group reported a record overall result which saw revenues up 49.7% for the 12 months ended 31 December.
It also reported a 27.7% hike in full-year earnings to $834m despite a $118m rise in interest costs associated with the Trammell Crow acquisition.
Fourth quarter earnings were flat for the
Asia Pacific saw a 69% growth in full-year revenues to $198m.
Brett White, president and chief executive, said: “”While the macro environment in which we operate has continued to weaken, underlying real estate market fundamentals remain strong and are generally characterized by low vacancies, modestly rising rents and rational levels of new construction.”
“Traditionally, we have taken advantage of such market slowdowns to build market share and strengthen our platform and we expect to do so during these times as well.”
