JLL posts sharp increase in Q1 profit

Jones Lang LaSalle posted a sharp increase in first-quarter net income which reached $14 mln, or 31 cents per share versus $1 mln, or 3 cent a share, in the year-earlier period.

Excluding charges related to restructuring and acquisitions, the Chicago-based broker reported adjusted net income of $22 mln, or $0.50 per share, in the first quarter of 2012.

In a statement, JLL said its consolidated revenue rose 18% to $813 mln in the first quarter ended March 31, driven by double-digit growth in all geographic segments and real estate services business lines. The positive result was achieved 'despite lower transactional market activity in many of the firm's core markets', it added.

'We drove strong first-quarter revenue and profit growth by building both market share and margins,' said Colin Dyer, President and Chief Executive Officer. 'World real estate markets continue their cyclical recovery, and we will continue our successful drive for revenue and margin growth.' The company raised its half-year dividend to 20 cents per share from 15 cents per share.

Last week, peer real estate services group CBRE posted a 13% increase in net income for the first quarter of the year. Net income reached $46 mln, or 14 cents a share, from $41 mln, or 13 cents a share in the first quarter of 2011. A 14% increase in revenue was partially offset by charges incurred from the firm's acquisition of the ING REIM businesses, which totalled $19 mln.

On a US GAAP basis, CBRE saw net profit decline to $27 mln in Q1 2012, from over $34 mln in the same period a year before.