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by CareyBot

In its first quarter as an independent company after spinning off from Cendant, Realogy Corp. (NYSE: H) on Wednesday reported third-quarter net income of $87 million, down 62 percent from $227 million net income in third-quarter 2005. The company also reported revenue of $1.73 billion in third-quarter 2006, down 16 percent compared to third-quarter 2005. Realogy has embarked on a cost-cutting plan, which includes office closures, that should trim operating expenses by about $60 million per year, said Richard A. Smith, vice chairman and president at Realogy. The company announced that about $35 million worth of cuts would be realized this year. Smith said the company is "on track to merge, consolidate or close about 100 NRT offices by year-end, while preserving our productive agent populati...