JLL posts EUR 9.7m net loss for Q2

Jones Lang LaSalle has reported a net loss of $14 mln (EUR 9.7 mln) on a US GAAP basis, or $0.40 per share, for the quarter ended 30 June 2009.

This compares to a profit of $24.5 mln, $0.73 per share, in the second quarter last year.

Jones Lang LaSalle said the second-quarter results in 2009 included $15 mln of restructuring charges as well as $15 mln of non-cash co-investment charges. There were $32 mln of restructuring charges and $44 mln of non-cash co-investment charges in the first half of 2009.

The restructuring charges primarily related to severance payments but also included integration costs from the 2008 acquisitions of The Staubach Company in the US and Kemper's of Germany.

Colin Dyer, CEO of Jones Lang LaSalle: 'During the quarter, we continued to strengthen our balance sheet, reduce costs and align the size of our business to market conditions. At the same time, we have been careful to retain our key revenue-generating teams and have increased our market share in many business areas as a result.'

'These actions put us in a strong, stable and confident position to drive growth when markets recover,' he said.