Cushman & Wakefield has reported a $76m loss for the first half of the year compared to $67.3m loss in the first half of 2008.
The loss was revealed in the first-half results published today from Exor, the investment arm of the Agnelli family, which owns 72% of Cushman.
Cushman's net revenue of $494.9m is a reduction of 32% compared to the same period in 2008. Cushman made a hefty loss of $62m in the first quarter. Its loss in the second quarter of the year was $14.2m which was down on the $31.1m loss it made in the second quarter of 2008.
The loss included around $30m of depreciation and amortization charges and a non-recurring impairment charge on intangible assets, relating to Exor’s acquisition of Cushman, of $15m.
Cushman has carried out extensive cost cutting which incurred a restructuring fee of $15.2m.
In March Exor and Cushman agreed a $50m, three-year credit facility, which Cushman could use at any time to bolster its business of which $20m has been drawn down.
Overall, Exor’s accounts were hit most by the operation of car market Fiat, which posted a first half loss of €261.9m and a consolidated profit of €301.3m.