Koll Real Estate Losses Widen as Revenue Falls 58%
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NEWPORT BEACH — Koll Real Estate Group Inc., a real estate services firm, widened its losses for the first quarter as revenue fell 58%.
Koll said revenue was affected by the sale late last year of a New Hampshire housing development, eliminating any residential home sales there from first-quarter results. In addition, revenue a year ago was boosted by the sale of industrial property in Murrieta.
The decrease in revenue was partially offset by increases in the company’s commercial development business during the recent quarter, Koll Real Estate said.
The company lost $7.9 million, or 17 cents a share, for the first quarter, compared with a net loss of $5.7 million, or 12 cents a share, a year ago. Revenue fell to $2.7 million from $6.4 million.
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