A special to NREI from OKCREview.com
Bellwether real estate services firm CB Richard Ellis reported a net loss of $6.6 million in the second quarter of 2009, but believes the market bottom is at hand.
Revenue was $955.7 million for the quarter, down from $1.3 billion for the same period in 2008, when the company also reported net income of $16.6 million.
“Our second quarter results were in line with expectations,” said Brett White, president and chief executive officer of CB Richard Ellis. “Despite the ongoing global economic difficulties, we produced significantly higher normalized EBITDA margins compared with the year-earlier second quarter and once again saw operating expense reductions (29.9%) outpace the decline in revenue (27.3%). This is a direct result of the aggressive actions we began taking more than 18 months ago to lower expense levels to address the current market environment.”
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