JLL has reported an operating loss for its EMEA business of $30.7m for the first six months of 2019.
The firm also reported an adjusted EBITDA loss of $8.6m for the region, a 5% drop year-on-year in revenue to $1.54bn and a 6% fall in fee revenue to $696m.
These losses in EMEA mainly stemmed from a 21% slump in its capital markets division and a 10% decline in its leasing operations.
The only area of growth for the company in EMEA during the first half of the year was from JLL’s property and facility management arm, which grew 5% to $196m.
However, globally JLL reported a solid performance, buoyed by its operations in the Americas and LaSalle.
For the entire group adjusted EBITDA increased 7% during the first half of 2019 to $322m, compared with $301m for 2018. Total revenue also grew 8% to $8.1bn and fee revenue rose $6 to $2.95bn, although operating income fell 14% to $175.5m.
Christian Ulbrich, chief executive of JLL, said: “Once again we have grown revenue and expanded margins to deliver record results, with notable contribution from LaSalle and continued expansion in our Real Estate Services business. Looking forward, we see strong pipelines contributing to another highly successful year for JLL.”
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