UPDATE 2-CB Richard Ellis posts 2nd-qtr profit, revenue up

* Q2 EPS 18 cents vs Street view 9 cents

* Revenue up 23 percent

* Shares rise 5.5 percent after hours

(Recasts first sentence, adds details, updates stock price)

NEW YORK, July 27 (Reuters) - CB Richard Ellis Group Inc (CBG.N), one of the world's largest commercial real estate service companies, posted a second-quarter net profit and its strongest revenue growth since 2007, sending shares up 5.5 percent in after-hours trade.

Second-quarter net income was $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents per share, a year ago, the company said on Tuesday.

Excluding one-time charges related to acquisitions, severance and space consolidations, write-downs of impaired assets and financing costs, the company earned $58.8 million, or 18 cents per share, exceeding analysts' average expectation for 9 cents per share, according to Thomson Reuters I/B/E/S.

Revenue for the Los Angeles-based company rose 23 percent to $1.2 billion. Analysts, on average, had expected $1.10 billion.

The U.S. commercial real estate market has been clawing its way back to profitability from a severe decline that began in late 2007 and took a nose-dive last year.

Service companies were hard hit because their revenue is partly dependent on sales and leasing commissions.

In the Americas, revenue rose 20 percent to $722.3 million. In Europe, the Middle East and Africa, revenue rose 28 percent to $225.4 million.

In Asia-Pacific, revenue rose 29 percent to $158.7 million.

The company's shares traded up 5.5 percent after hours to $16.25 from their close of $15.41. (Reporting by Ilaina Jonas; Editing by Phil Berlowitz)