Advisory firm Jones Lang LaSalle saw net income fall in the first quarter of the year despite higher revenue, boosted by its American and EMEA operations.
Advisory firm Jones Lang LaSalle saw net income fall in the first quarter of the year despite higher revenue, boosted by its American and EMEA operations.
Group net income fell 7% to $16 mln while adjusted EBITDA dropped by an even higher percentage - or 13% - to $48 mln (€36 mln). However, group revenue increased 6% to $856 mln bolstered partially by strong growth at its EMEA unit.
The 13% revenue increase at JLL’s EMEA unit was driven by capital markets & hotels and geographically by Russia and the UK. The EMEA unit swung back into the black in terms of EBITDA with a positive result of $3 mln over the quarter compared to a loss of $4 mln in the year-earlier period. EBITDA margin calculated on a fee revenue basis came to 1.6% compared with a loss of 2.3% a year ago.
JLL's capital markets & hotels unit turned in an even stronger performance in the Americas, rising 39%. Overall, group revenue from this unit grew 37%, more than offsetting the overall flat leasing revenue.
