Colliers International's 2008 profit sinks 62.3 percent

Colliers International, the largest real estate advisor in Romania, posted a 62.3% drop in 2008 after-tax profit, to 2,755 million euros, according to a statement posted by the real-estate company on the website of the Ministry of Finance.

In 2007, the company reported a net profit of 7.325 million euros and 21.234 million euros turnover. In 2008, the profit dropped to 2.755 million euros, while turnover stood 16, 6% below year-ago levels.

“The global financial crisis has severely impacted the sales segment – residential, land and investments – which recorded severe drops, while the lease segment, where companies adopt a long-term and strategic approach had an upward trend”, Bogdan Georgescu (photo), managing partner at Colliers International told Wall-Street.

At the beginning of the year, Colliers said it shut down its residential department and that it reorganized the retail and office divisions.


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