CB Richard Ellis Posts Profit in 3rd Quarter

CB Richard Ellis Inc., the world’s second-largest real estate services company, posted a profit in the third quarter after a loss in the year-earlier period as it benefited from increased revenue from acquisitions. The Los Angeles-based company’s net income for the three months ended Sept. 30 was $10.1 million, or 48 cents a share, contrasted with a loss of $2.9 million, or 19 cents, in the year-earlier period, which included an extraordinary loss of $951,000 from acquisition and other related charges. Analysts had expected the company to earn 49 cents a share. Revenue rose 54%, to $273.8 million from $177.5 million in the third quarter of 1997. Per-share results reflect an increase in the number of shares to 21.1 million from 15.4 million. CB Richard Ellis stock fell $1 to close at $16.75 on the NYSE.