CB Richard Ellis (CBRE), US parent of CB Hillier Parker in the UK, has posted deepening losses for the first quarter of 2002.
According to the company’s results, published in the US last night, losses before tax for the first three months of 2002 totalled $12.24m (£8.41m) compared with $5.93m (£4.08m) for the same period last year.
The news follows February’s announcement that, CBRE, the worlds largest property consultancy, had suffered its first plunge in turnover and profits for 10 years in 2001, largely because of a steep decline in US broking.
Revenue plunged 18% to $224m (£153.9m), while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 21% to $11.1m (£7.63m).
Revenue from leases fell 30% to $72.5m (£49.8m) from $103.2m (£70.95m) in the corresponding period, while sales revenues were down 17% to $61m (£41.9m).
Interest expenses rose sharply to $16m (£10.99m) from $9.1m (£6.26m).
EGi News 15/05/02
