Commercial Real Estate CB Richard Ellis Net 25 Percent Rise

LOS ANGELES (AP) Commercial real estate firm CB Richard Ellis Group Inc. said Monday profits rose in the third quarter on increased business in Europe, China, Japan and Australia.

Net income for the period was $114.9 million, or 48 cents per share, up from $92.3 million, or 39 cents per share, in the same period last year. Excluding one-time expenses, CB Richard Ellis said earnings would have been 55 cents per share. Costs included $5.1 million in merger-related charges and an $32.9 million increase in interest expense from the purchase of competitor Trammell Crow Company.

Analysts polled by Thomson Financial predicted earnings of 57 cents per share.

Revenue grew more than 50 percent to $1.5 billion from $976.9 million posted in the third quarter last year.

The company attributed sales growth to higher demand for its services in Europe and Asia, particularly China, Japan and Australia. In the U.S., sales benefited from the acquisition of commercial real estate firm Trammell Crow.

Shares of CB Richard Ellis Group Inc. fell 32 cents Monday to $26.42 in after-hours trading, following an earlier close at $26.74.