Jones Lang LaSalle has posted a global net profit of $34m (£21m) for Q3 2011 – a $3m decrease on the same quarter last year, caused in part by its purchase of King Sturge.
The New York-listed agent delivered an adjusted net profit for the quarter of $50m – a 30% rise.
Revenue for the three months to the end of September rose 28% to $903m. The increase was led by trading in Asia Pacific and its investment management division, LaSalle Investment Management.
Rival CBRE last week announced a 12% hike in global net profits to $64m and a 21% hike in overall global revenue to $1.5bn.
“Our third-quarter results were solid, and we continue to see healthy business pipelines into our seasonally strong fourth quarter,” said Colin Dyer, president and chief executive. “While helping our clients keep a careful watch on market conditions, we are extending our winning competitive position with increased market share and superior service delivery.”
JLL’s revenue grew across all three geographic segments in Q3 and in LIM driven by increased market share, the addition of King Sturge in EMEA and higher incentive fees.
EMEA’s revenue in the third quarter of 2011 was $247m, compared with $169m in 2010, an increase of 46%, 38% in local currency. King Sturge contributed approximately $60m of revenue for the third quarter of 2011.
Year-to-date revenue in the region was $633m in 2011 – up by 29% on the $491m achieved in 2010.
Third-quarter revenue in the
Operating expenses, excluding restructuring and acquisition charges, were $833m, an increase of 24% compared with 2010.
Third-quarter results included $16m of restructuring and acquisition charges and $5m of intangible amortization related to the King Sturge acquisition completed in EMEA during the second quarter of 2011.
bridget.oconnell@estatesgazette.com
