A commercial real estate firm, CB Richard Ellis Group Inc (CBRE) said Tuesday that its third-quarter revenues improved more than fourfold as the commercial real estate firm announced its largest revenue jump since the global financial recession started in last quarters of 2007.
The commercial real estate firm stated net revenue of 18 cents per share or $57 million for three months which ended September 30. The figures compare with net revenue of 4 cents per share or $12.4 million for 2009.
Exclusive of special matter like write-downs that could reflect the waning value of its properties, the commercial real estate firm confirmed that it made 20 cents a share or $62.4 million.
According to a market research done by Thomson Reuters, who usually rule-out such one-time items, projected, that the commercial real estate firm can make an income of 17 cents per share—on average.
CB Richard said that the last time its profits climbs on this rate were on the fourth quarter of 2007.
Led by property leasing and sales, the company’s Americas segment revenue climbs by 26 percent. CB Richard’s international rental profits rose 27 per cent, while facilities and property administration profits improved by 7 per cent.
CB Richard’s CEO, Brett White said that business energy in their company stays positive towards the end of the year and in spite of slow-moving global financial activity.
The commercial real estate firm adjusted its estimate for full-year revenues to vary between 65 cents to 70 cents a share—within line the analysts’ projection of 68 cents per share.