International property services firm Jones Lang LaSalle has reported a higher-than-expected increase in revenue to $903 mln (EUR 655 mln) in the third quarter, largely driven by the $319 mln acquisition of King Sturge earlier this year. The EMEA region reported the strongest growth, with a 46% rise to $247 mln, versus $169 mln in 2010.
International property services firm Jones Lang LaSalle has reported a higher-than-expected increase in revenue to $903 mln (EUR 655 mln) in the third quarter, largely driven by the $319 mln acquisition of King Sturge earlier this year. The EMEA region reported the strongest growth, with a 46% rise to $247 mln, versus $169 mln in 2010.
King Sturge contributed some $60 mln of revenue in Q3 2011.
The Chicago-based property firm saw profit rise to $50 mln, or $1.12 per share, from $38 mln, or 86 cents per share, a year earlier. Net income slipped to $34 mln, or $0.76 per share, from $37 mln a year before due to acquisition-related expenses.
'Our third-quarter results were solid, and we continue to see healthy business pipelines into our seasonally strong fourth quarter,' said Colin Dyer, president and Chief Executive Officer.
JLL's investment management business collected advisory fees of $59 mln, compared with $62 mln for the third quarter of 2010. In total, LaSalle Investment Management raised nearly $5 bn of net equity in 2011, bringing assets under management to $47.9 bn at September 30, 2011.
JLL's board has declared a semi-annual dividend of $0.15 per share, in line with the semi-annual dividend paid in June 2011.
