Jones Lang Lasalle reported a 9% rise in consolidated revenue in the second quarter of 2012 to $921 mln (EUR 749 mln), thanks largely to a stronger EMEA performance driven by the takeover of King Sturge in 2011. But although income more than doubled for the EMEA operations, overall net income was virtually flat at $51 mln compared with $50 mln in the year-earlier period.
Jones Lang Lasalle reported a 9% rise in consolidated revenue in the second quarter of 2012 to $921 mln (EUR 749 mln), thanks largely to a stronger EMEA performance driven by the takeover of King Sturge in 2011. But although income more than doubled for the EMEA operations, overall net income was virtually flat at $51 mln compared with $50 mln in the year-earlier period.
Capital Markets & Hotels revenue grew 17% in local currency during the quarter with strong growth in the Americas and EMEA. The result was partially offset, however, by a decline in Asia Pacific where comparable revenue for Hotels in the second quarter of 2011 was particularly robust. Operating expenses, excluding restructuring and acquisition charges, were 9% higher at $847 mln in Q2, driven by higher compensation resulting from increased headcount, primarily due to the King Sturge takeover.
EMEA generated revenue of $249 mln over Q2, a rise of 14% compared to the same period in 2011, while operating income surged to $13 mln from $6.4 mln a year ago.
Revenue in the Americas rose 18% to $408 mln while operating income increased by a similar percentage to $38 mln. Asia Pacific turned in the worst performance, with revenue down 34% at $62 mln and operating income by almost 40% to $13 mln.
Commenting on the results, Colin Dyer, President and Chief Executive Office said the company had produced 'solid' second-quarter and year-to-date results in 'a cautious environment'. 'We continue to take market share and maintain tight cost discipline as we enter the important second half of the year.'
