CB Richard Ellis Group Inc. said Tuesday that its fourth-quarter net income sank 95 percent on lackluster sales and leasing activity. However, its earnings still bested Wall Street expectations and shares jumped more than 11 percent in after-market trading.

The Los Angeles-based real-estate services company reported net income of $6.53 million (3 cents a share), compared with more than $122 million net income (54 cents) a year ago. Revenue fell 30 percent to $1.28 billion as the company’s U.S. real-estate development and investment business plunged 60 percent, and global investment-management revenue dropped 51 percent.

Results included nearly $102 million of one-time charges. Excluding items, earnings fell to 37 cents a share from 63 cents. Analysts surveyed by Thomson Reuters on average expected earnings of 27 cents on revenue of $1.4 billion.

The company said it expects to take additional write-downs of goodwill and other intangible assets in the fourth quarter but hasn’t determined how much yet.

“The credit crunch and global economic weakness pose serious challenges for our industry in 2009, and as such, we will continue to manage our business carefully to sustain profitability in a market where property sales and leasing activity remains highly constrained,” said Chief Executive Brett White in a statement.

Prior to the announcement, CB Richard Ellis shares closed down 60 cents, or 14 percent, to $3.27, but rose 11.4 percent to $4.20 in after-market trading on the New York Stock Exchange.