Jones Lang LaSalle is revising its earnings targets for the year downwards, after reporting a net loss of $1.9m for the second quarter this year, on reduced turnover.
Chairman Stuart Scott said: “While we were slightly below our expectations for the quarter, we are not disappointed in our results given the continued slowdown of the global economy.
“However, with the timing of any recovery uncertain, we are adjusting our earnings expectations for the full year to no less than $1.31 per share, which matches our 2000 adjusted earnings.”
However, when the group announced its first quarter results in May, Scott said he had “no reason” to alter the group’s earnings per share forecast from the target of $1.63.
JLL reported a net loss of $1.9m, down from $12.4m in the same quarter last year – when the company was still accounting for the cost of the merger between Jones Lang Wootton and LaSalle. Earnings before interest, tax, depreciation and amortisation (EBITDA) almost halved to $14.9m (Q2 2000: $28.3m).
Revenues fell from $223.3m a year ago to $198.6m. In Europe the group said revenues fell from $91m to $78m, but increased from $67m to $74m in the US.
