CB Richard Ellis to return to profit
In documents just filed with the Companies Office, they show that the company recorded the pre-tax loss of €876,509 following revenues at the firm declining by 41% from €14.3m to €8.3m to the end of December last.
The loss last year follows the company recording a pre-tax loss of €554,405 in 2008.
The figures show operating losses last year almost doubled from €1 million to €1.98 million.
However, the returns show that exceptional items totalling €159,262 and interest receivable totalling €949,721 reduced the company’s losses to the pre-tax loss of €876,509.
According to the directors’ report, “performance to date in 2010 indicates a return to profitability”.
The company is the only property firm to be appointed by the National Assets Management Asset (NAMA) to provide property valuations in Ireland, Britain and the US.
CB Richard Ellis Ireland’s managing director, Guy Hollis said yesterday: “2009 was a very difficult year for the company as a result of the impacts of the world banking and economic crises coupled with the many domestic Irish problems particularly in the banking and property sectors.”
Mr Hollis said that the company’s performance last year “was disappointing, but it is understandable that revenues declined last year as values halved and the number of transactions more than halved”.
He added: “We are glad to say that, after two difficult years, 2010 will see a return to profitability.”
