Cushman loses $32M in 2009: parent firm

New York /
Apr.April 29, 2010 05:56 PM

Losses for the global commercial services firm Cushman & Wakefield doubled in 2009 compared to 2008, according to its Italian parent company, even as Cushman’s main global rivals reported mixed results in what was widely seen as the most difficult real estate environment in decades.

Cushman lost $32 million in 2009 on gross revenues of $1.5 billion, compared with a loss of $14 million on gross revenues of $1.8 billion in 2008, its parent company, Exor, reported.

The Cushman numbers were published on Exor’s Web site today as part of the company’s annual shareholders’ meeting. The annual figures were originally published last month, but were not widely reported in the United States.

In the Americas, revenues were down by 19 percent to $808 million last year from $1 billion in 2008.

The company said the decline in the Americas was, “primarily due to weak U.S. market performance.” Cost-cutting measures kept losses from widening, the firm said.

Robert Rozek, company CFO, said the company was profitable in the third quarter but lost money in the fourth, even as revenues picked up by 11 percent over the fourth quarter of 2008.

“We had strong revenue growth but [special] charges had a negative impact,” Rozek told The Real Deal.

Other major firms had differing results. CB Richard Ellis reported earnings of $33 million in 2009, while Jones Lang LaSalle lost $4 million, each firm reported. FirstService, parent company of FirstService Williams, reported it had a net loss of $55 million last year. FirstService Williams will change its name to Colliers International Monday.

While Exor is a company whose shares are traded publicly on the Italian stock exchange, Manhattan-based Cushman & Wakefield is privately held


Related Articles

arrow_forward_ios
RXR Realty head Scott Rechler and CBRE Tri-State CEO Mary Ann Tighe
Rechler, Tighe know which real estate players will go extinct
Rechler, Tighe know which real estate players will go extinct
(iStock)
Manhattan’s retail market ticks up toward rebound
Manhattan’s retail market ticks up toward rebound
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Future City Newsletter
Future City: JLL’s latest proptech play; Entrata chairman ousted
Future City: JLL’s latest proptech play; Entrata chairman ousted
From left: Sharad Rastogi, president, JLL Technologies and Zachary Denning, chief executive officer (JLL Technologies, Hank, iStock)
JLL buys cloud-based building management platform Hank
JLL buys cloud-based building management platform Hank
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
Out of many, one: Inside proptech’s record year of M&A
Out of many, one: Inside proptech’s record year of M&A
Out of many, one: Inside proptech’s record year of M&A
707 Eleventh Avenue and SL Green's Marc Holliday (SL Green, Getty)
SL Green unloads 707 11th Ave less than two years after buying it
SL Green unloads 707 11th Ave less than two years after buying it
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...