Jones Lang LaSalle has reported falling net income for the third quarter, but said its UK capital markets business had produced “strong revenue increases”
For the three months to September, the US quoted agent reported net income of $7.4m (£5.06m), down from $10.2m (£6.98m) on revenues up 1% to $218.1m (£149m) – at the lower end of expectations.
In Europe, local currency revenues were flat for the quarter (but rose 10% to $81.9m in dollars).
Operating income rose sharply to $2.6m (£1.78m) from $0.86m (£0.59m).
LaSalle Investment Management revenues fell 26% to $25.8m (£17.6m) and operating income at $4.6m (£3.15m) was less than the $11m (£7.53m) recorded for the same period last year.
The company said this was due to significantly reduced incentive fees.
JLL president Chris Peacock said: “We continue to see improving market trends in the US and some early positive signals in Asia Pacific, but further downward pressure in some key European markets.
“In this mixed global environment, it is encouraging that earnings have met our guidance for the third quarter and that we continue to secure new business wins to underpin future growth.”
References: EGi News 06/11/03
