JLL has posted stable first quarter results, despite coronavirus denting its performance in Asia Pacific.
In its financial results for the three months ending 31 March, the agent said its Asia Pacific business “realised the most notable impact” from coronavirus.
Revenue in the region was $712.1m, compared with $748.7m in the same period of 2019, and fee revenue fell to $177.7m compared with $198.2m.
However, adjusted EBITDA increased to $9.4m from $7.3m a year ago, due to $5.4m of grants and subsidies from government relief programmes as well as “the impact of cost mitigation plans”.
The agent said: “Office closures and work stoppages began in January in China, and continued across the region in order to minimise the human impact of the pandemic.
“This is reflected in the revenue and fee revenue declines, which were largely attributable to Greater China and to a lesser extent Japan, primarily in transactions-based service lines.”
Despite the impact of Covid-19 on its Asia Pacific business, JLL reported a stable set of results overall.
Revenue increased to $4.09bn from $3.82bn in Q1 2019, with fee revenue increasing to $1.51bn from $1.32bn.
Adjusted EBITDA increased slightly to $95.6m.
The EMEA business saw revenues rise by 4% at $756m.
Christian Ulbrich, JLL chief executive officer, said: “Once again, our Americas business had another strong quarter while our EMEA and Asia Pacific segments showed impressive resilience as the impact of the Covid-19 pandemic increased throughout the quarter. We are marshalling JLL’s considerable capabilities to keep our employees safe and productive, support our communities and serve our clients in this uncertain environment.”
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