Jones Lang LaSalle yesterday reported a 27% fall in net income for the third quarter of 2003, despite a strong performance from its UK capital markets arm. Net income was down to $7.4m for the three months to September, compared with $10.2m from the same period in 2002.
JLLââ¬â¢s European division reported flat revenues for the third quarter, and a 6% decline over the first nine months. However, the England Capital Markets group showed strong revenue increases.
LaSalle Investment Management saw revenue down on last year by $9.1m, or 28%. The company attributed the decline to a significant incentive fee received in the third quarter of 2002, with no comparable sum for 2003. Operating income fell by $6.5m from the same period last year.
Chris Peacock, President and Chief Executive of JLL, commented: ââ¬ÅWe 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.ââ¬Â
