Cushman & Wakefield has reported a net loss of $124.2m (£96m) for the first six months of 2018.
However, the company – which floated on the New York stock exchange in August – has seen its net loss fall by $42.8m compared with $167m H1 2017 amid more favourable tax rates.
It has also posted an 18% increase in revenue to $3.7bn. Foreign currency had a $56.5m favourable impact on income, driving approximately 2% growth.
Meanwhile Cushman & Wakefield’s fee revenue was $2.7bn in H1 2018, up 10% on a local currency basis.
Operating expenses rose 14% to $3.8bn.
Executive chairman and chief executive Brett White said: “It’s an exciting time to be at Cushman & Wakefield. We’ve completed a successful IPO, our business performed very well at the top and bottom line through the first half of the year, and market conditions for commercial real estate remain robust.”
Cushman & Wakefield fetched $765m in its IPO (on 3 August), making the commercial real estate company worth about $3bn.
Founded in New York more than a century ago, it merged with TPG-owned DTZ in 2015. The transaction leaves the company with $2.6bn in debt after the listing. The company sold 45m shares at $17, the midpoint of its range of $16-$18.
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