Jones Lang LaSalle Incorporated, the leading global real estate services and investment management firm, yesterday reported net income for the second quarter of $3.5 million, or $0.11 per share, in line with expectations and one cent ahead of the First Call consensus estimates.
Results compare favorably with the prior yearÂ's second quarter adjusted net loss of $0.3 million, or $0.01 per share, and GAAP net loss of $1.9 million, or $0.06 per share.
Reflecting the generally slow economic conditions worldwide, revenues in the quarter declined to $190.9 million, down 5 percent from the prior year period. Offsetting the lower revenues, operating expenses declined 8 percent to $178.4 million. The expense reductions were primarily due to the benefits of management actions last year to bring the organization in line with the expected 2002 business environment together with continued tight expense controls.
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(source: Lones LangLaSalle)