One of the world's biggest commercial real estate services providers, the CBRE Group Inc has announced that its first quarter earnings increased by 12% due to increased revenues from heightened demand for global property sales.
The announced profit just fell short of the Wall Street forecast but the revenues generated had surpassed earlier predictions. The stock value was stable in after hours trading.
The company's profits, excluding costs related to acquisitions and debt financing, was pegged at US$51.5 million or 16 cents per share. This is higher compared to the US$45.9 million or 14 cents per share for the fourth quarter of 2012 according to CBRE.
Many analysts forecasted that CBRE would be earning 17 cents per share on total revenues worth US$1.46 billion, according to Thomson Reuters I/B/E/S.
With the said charges, the company earns a net income of US$37.5 million or 11 cents per share, a great jump from US$27.0 million or 8 cents earned in the first quarter of 2011.
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