CBRE this evening posted income and revenue growth on a global basis for the second quarter of 2012 – but Europe saw operating income drop.
The world’s largest property services firm revealed net income growth of 31% to $88m, on the back of revenue of $1.6bn – a 13% rise.
However, the effects of the Eurozone debt crisis meant that Europe, the Middle East and Africa meant that it was the only region to see income and revenue decrease.
EMEA operating income was $12.6m, compared to $18.1m in the same period last year. And revenue dropped was $248.2m, compared to $261.1m in 2011, although this was partly the effect of currency movements.
CBRE said modest revenue increases in the UK, Germany and the Netherlands were offset by drops in countries like France.
The Americas was the strongest performer, seeing operating income rise 30% to $127.9m, and revenue rise 13% to $1bn.
Asia Pacific saw operating income rise 30% as well to $20.7m, on the back of revenue of $201.2m, up 7%.
Fund management also had a good year, following CBRE’s acquisition of ING REIM last year, turning it into the world’s biggest fund manager. Operating income was $12.9m, compared to a loss of $3.6m last year, on revenue of $119.7m. Fund management now accounts for 7% of the company’s revenue, compared to 4% previously.
Chief executive Brett White said: “The recovery continues to progress, but at a historically slow pace and with a high degree of inconsistency and uncertainty across global markets and business lines.
“Nevertheless, CBRE has a history of performing well for clients amid these market conditions. We are therefore cautiously optimistic about our business, and remain comfortable with our ability to deliver on the full-year earnings per share outlook we announced early this year.”
03 August 2012
03 August 2012