21 August 2009
Colliers Internationals 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.
“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.