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CB Richard Ellis profit rises 71%

From Times Wire Services

Commercial real estate broker CB Richard Ellis Group Inc. said Tuesday that first-quarter profit climbed 71% on gains in leasing property.

Net income rose to $20.5 million, or 10 cents a share, from $12 million, or 5 cents, a year earlier, the Los Angeles-based company said. Revenue increased 1.4% to $1.23 billion.

CB Richard Ellis earned 15 cents a share excluding certain items and expenses, less than the 21 cents projected by analysts in a Bloomberg survey.

Its shares fell $1.03, or 4.4%, to $22.55 before the earnings news.

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