CB Richard Ellis Posts $3-Million Profit
CB Richard Ellis Group Inc., a Los Angeles-based real estate brokerage that went public in June, reported a second-quarter profit of $3 million, or 4 cents a share.
Excluding one-time charges of $19.4 million after taxes mostly related to the July 2003 acquisition of Insignia Financial Group, the company would have earned $22.4 million, or 32 cents a share, an increase of $14.4 million, or 13 cents, from a year earlier. Analysts estimated the company would earn about 24 cents a share.
Revenue increased 71.2% to $550.9 million. The revenue increase was aided significantly by the acquisition of Insignia, a large real estate services company and former competitor.
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