NEW YORK, Feb 11 (Reuters) - CB Richard Ellis Group Inc CBG.N declined to issue a forecast for 2009 earnings, citing continued uncertainty in commercial real estate markets.
“... it remains unrealistic to provide future earnings guidance,” CB Richard Ellis CEO Brett White said on a conference call with analysts on Wednesday.
CB Richard Ellis, one of the world’s largest real estate services companies, expected first-quarter earnings of break even or a slight loss for the quarter.
After the close of the market on Tuesday, CB Richard Ellis said net income fell 94.7 percent, chiefly on a 30 percent decline in revenue, particularly in the higher margin brokerage business.
The frozen credit markets have crippled commercial real estate sales, as sources of debt financing have dried up. CB Richard Ellis said it expected sales to remain weak, but that there could be a modest improvement by the year-end. (Reporting by Ilaina Jonas; Editing by Andre Grenon)
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