CB Richard Ellis swings to $54.8-million profit

Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009.

The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.Revenue increased 23% to $1.2 billion.