CB Richard Ellis Earnings Fall 69 Percent

LOS ANGELES (AP) — Commercial realty firm CB Richard Ellis Group Inc. said Wednesday that third-quarter profits plummeted 69 percent as the recession hurt demand for office space.

CEO Brett White said in a statement that the company was fighting "a very difficult global market environment." He said the company took steps in the quarter to cut annual costs by $600 million.

White said there are signs that some markets are stabilizing, including the firm's U.S. and Asia Pacific valuation business. But he said sales and leasing markets would remain difficult until the global economy and credit markets recover.

The company said it earned $12.4 million, or 4 cents per share, compared with $40.4 million, or 20 cents per share, a year earlier.

After excluding special items such as a write-down of assets that fell in value, the company said it would have earned $21.6 million, or 8 cents per share. Analysts, who usually exclude items, had expected 10 cents per share.

Revenue fell 21 percent to $1.02 billion from $1.3 billion.

The shares dropped 41 cents, or 3.6 percent, to $11.05 in after-hours trading following the release of the results. The stock declined 79 cents, or 6.5 percent, to close at $11.46 in the regular session.