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CBRE’s earnings deliver

CBRE’s earnings deliver

INTERNATIONAL companies continued to issue a slew of earnings last week, with two firms with Cambodian interests reporting positive results.

Australian Stock Exchange-listed Indochine Mining issued its full-year results on Monday, highlighting its “large-scale gold and copper exploration program” in Cambodia.

The junior miner, which listed in Sydney in December after raising US$20 million in an IPO, said it had completed helicopter-supported sampling in previously unexplored land in Rattanakiri province “with large gold target with high grade veins anticipated”.

Survey results are expected next month, while a geophysics program is planned for its Kratie province concession this month. Its shares ended at A$0.185 each at Friday close, a 5.71 percent increase on its Monday open of $0.175.

Global property firm CB Richard Ellis – which operates in Cambodia and is handling the sale of JSM Indochina’s portfolio in the Kingdom – issued its fourth-quarter and full-year results on Friday. Its EBTIDA (earnings before interest, tax and amortisation) for 2010 increased 74 percent on 2009, to US$647.5 million. Revenues rose 23 percent year on year to $5.1 billion.

In a transcript of a conference call following the results, CBRE’s CEO Brett White said that revenue growth was led by investment, leasing revenue, and outsourcing. CBRE sales revenue in the Asia Pacific increased by 12 percent in the fourth quarter 2010, over the fourth quarter of 2009.

CBRE’s leasing revenue in region grew 34 percent in the fourth quarter, compared to 2009, led by Australia, China and India. CBRE’s share price on the New York Stock Exchange was just three cents behind its 52-week high on Friday, hitting US$24.10 in daily trade.

The MSCI Asia Pacific Index rose 1.36 percent to 139.52 last week, the sharpest weekly increase this year.

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