Los Angeles-based real estate services company CB Richard Ellis Group Inc. reported a third-quarter profit of $11.9 million, or 16 cents a share, compared with a loss of $28.4 million, or 49 cents, a year earlier. Revenue rose 36% to $575 million.
The company, which went public in June, raised its profit forecast for the year to $1.50 to $1.55 a share from $1.45 to $1.55, citing an improving economy and market-share gains. Excluding one-time items, profit was $29.7 million, or 40 cents a share, up from $2.3 million, or 4 cents.
In other real estate earnings:
* One of the largest developers in California, Catellus Development Corp. of San Francisco, reported third-quarter profit of $29.8 million, or 29 cents a share, up from $20.9 million, or 20 cents, a year earlier. Revenue rose 5.2%, to $122.5 million.
* Los Angeles-based Arden Realty Inc., the largest office landlord in L.A. County, posted third-quarter funds from operations of $43 million, or 64 cents a share, up from $41.9 million, or 64 cents. Revenue rose 3% to $104.3 million.