CBRE revenues up 21% to a whopping $1.4 billion

In Asia Pac alone, revenues also rose 19% to $188.5 million in Q2 2011.

According to a release, CB Richard Ellis Group, Inc. reported continued revenue and earnings growth for the second quarter ended June 30, 2011.

• Revenue for the quarter totaled $1.4 billion, an increase of 21% from $1.2 billion in the second quarter of 2010.
• Net income on a U.S. GAAP basis improved to $61.2 million, or $0.19 per diluted share, for the second quarter of 2011, an increase of 12% from $54.8 million, or $0.17 per diluted share, for the second quarter of 2010.
• Excluding selected charges, net income totaled $67.0 million, or $0.21 per diluted share, for the current-year quarter, up 14% and 17%, respectively, from $58.8million, or $0.18 per diluted share, in the second quarter of 2010.
• Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) rose 3% to $166.1 million for the second quarter of 2011 from $161.6 million a year earlier. Excluding selected charges, EBITDA rose 4% to $172.4 million in the current period from $165.2 million in the second quarter of 2010.

Last year’s second-quarter Development Services EBITDA was $19 million greater than in this year’s second quarter, predominately resulting from outsized gains from property sales. In addition, this year’s second-quarter Global Investment Management EBITDA included an increase of approximately $6 million of carried interest incentive compensation expense. These factors significantly tempered overall EBITDA growth compared with the prior-year period, and without their impact, overall EBITDA would have grown 22%.

Asia Pacific Region (Asia, Australia and New Zealand)
• Revenue rose 19% to $188.5 million from $158.7 million for the second quarter of 2010.
• Operating income rose 48% to $16.0 million, compared with $10.8 million for the second quarter of 2010.
• EBITDA increased 36% to $17.4 million compared with $12.8 million for last year’s second quarter.
• The improved results reflect higher revenue in several countries, particularly Australia and New Zealand, China and India, while business conditions in Japan began to stabilize following the March 2011 earthquake and tsunami.

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