BrokerageIndustry News

Realogy posts $259 million Q1 loss

Cost-cutting can't keep pace with revenue decline
Published on May 13, 2009

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by CareyBot

Realogy Corp. posted a $259 million net loss for the first three months of the year, despite cutting $310 million in costs and generating $101 million in additional commission income from new franchise sales.

Much of the loss -- $144 million -- was attributed to interest payments on the company's massive debt. But Realogy also saw revenue fall $354 million compared to the same period a year ago, as both home sales and commissions from those sales dropped sharply.

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