CBRE global revenues top $4bn
Net profits at CB Richard Ellis rose more than $100m (£51m) to $318.6m (£161.6m) in 2006 as its global revenues topped $4bn (£2bn) for the first time.
Reporting fourth-quarter annual results today, the world’s biggest property services company boasted an increase of $838m (£425m) in total annual revenues driven by strong fourth-quarter performances in its Asia Pacific and EMEA businesses.
Net profits at CBRE’s nascent Asia Pacific division soared 121% to $22m (£11.1m) in the last three months of 2006 - more than double the net profits generated in the corresponding period of 2005.
Despite operating in much more mature markets, the EMEA division managed to drive net profits up by 61.5% to $91.9m (£46.6m) in the last three months of last year on the back of increased activity in its capital markets and valuations teams.
Excluding one-off costs associated with the Trammell Crow takeover, net profits contributed by the Americas region in the last three months of 2006 increased by a quarter to $95.9m (£48.6m).
The Global Investment Management segment grew its net profits by more than half to $25.1m (£12.7m) in the final quarter of 2006 following increases in asset management fees.
Brett White, president and chief executive, said: ‘Our primary markets remain strong. Commercial real estates continues to be a magnet for institutional and private equity capital, especially in traditional business centres like New York, London and Paris.’