Koll Real Estate Group Posts Second-Quarter Loss of $4.5 Million
Koll Real Estate Group Inc.: The Newport Beach real estate development services company said it lost $4.5 million, or 11 cents a share, for the second quarter, compared to a loss of $3.5 million, or 9 cents a share, for the like period last year. The 1993 quarter included $1.9 million of income from discontinued operations. Revenue jumped to $4.8 million from $900,000. The company attributed the revenue increase primarily to operations of the domestic real estate development business acquired from the Koll Co. in September, 1993, as well as sales from a residential project in New Hampshire. For the first half, the company had a net loss of $8.5 million, or 20 cents a share. That compares with a year-ago net loss of $41.9 million, or $1.05 a share, which included a charge of $36 million for an accounting change. Revenue rose to $8.2 million from $1.1 million.