CB Richard Ellis Group Inc. said its first-quarter net loss shrank significantly as commercial real estate markets improved around the world.

After Wednesday’s market close, the Los Angeles commercial real estate services giant reported a net loss of $6.6 million (- 2 cents a share), compared with a net loss of $36.7 million (-14 cents) a year earlier.

Excluding one-time charges, the company earned $3.2 million (1 cent), meeting the average forecast of analysts surveyed by Thomson Reuters.

Revenue was up 15 percent to $1.03 billion, exceeding analyst expectations of $951 million. Revenue for the Americas region, which includes U.S., Canada and Latin America, rose 12 percent to more than $645 million. The Asia Pacific region had the sharpest growth, jumping 44 percent to more than $134 million, with the company’s European business up 16 percent to more than $188 million.

“Our people have worked extremely hard throughout the downturn to grow our leadership position, expand our client base and improve operating efficiency,” said Chief Executive Brett White in a statement. “We are realizing significant benefits from these efforts now that market conditions have begun to recover in more parts of the world, and as we transition back to a more offensive posture. “

CB Richard Ellis shares were up 34 cents, or 2 percent, to $17.58 in midday trading on the New York Stock Exchange.