CBRE Quarterly Loss Narrows

LOS ANGELES, CA-CBRE Holding Inc., parent corporation of CB Richard Ellis Services Inc., this morning reported a quarterly loss of $1.3 million for the first quarter ending March 31, down from a $6 million loss in the first quarter of 2002 for the Los Angeles-based company.

Revenue climbed to $263.7 million for the first quarter, up from $224.0 million the previous year, while earnings before interest, taxes, depreciation and amortization jumped to $17 million, a 61.9% increase from last year’s same period results. The $17 million included $10.8 million in operating income plus $6.2 million in depreciation and amortization.

CBRE is privately held, but the firm still issues earnings reports because it has some public debt. As reported previously on GlobeSt.com, CBRE has struck a deal to buy publicly held Insignia/ESG for $415 million. The merger will create what is believed to be the world’s largest brokerage firm, with 16,000 employees in 47 countries.