JLL reports $1.4m net loss

Jones Lang LaSalle has reported a net loss of $1.4m for the second quarter of 2003. The figure represents a fall in comparison with the same period last year, when JLL recorded a profit of $3.5m, although the figure included an exceptional charge of $4.9m for a new property management accounting system in Australia. Half-year net losses increased to $8.7m.

However, revenues rose 7% from the same time last year to $213.6m and 9% to $401.5m.

JLL announced that the European market had continued to decline, with revenues down 14% for the quarter and 11% for the half-year in local currencies. The strength of the euro and the pound against the US dollar, however, means that the property services firm was able to report a 3% revenue increase for the quarter and 6% for the half-year expressed in US dollars.

LaSalle Investment Management saw revenues rise 2% in local currencies for the quarter, reflecting a number of successful fee renegotiations. The company stated that its goal for the full-year continues to be to improve on last year´s $27.1m profit.

Chris Peacock, Chief Executive and President of Jones Lang LaSalle, commented: 'We are encouraged to see the early signs of an improvement in our US operating environment and continued new client wins worldwide.'

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