International property advisor Jones Lang LaSalle (JLL) saw its profits drop by 68% in the third quarter in part as a result of acquisition and restructuring charges. Third-quarter net income fell to $15 mln, or 43 cents a share, from $47mln, or $1.38 per share, a year before, the company said. On a year-to-date basis, 2008 net income was $42 mln, or $1.25 per share, compared with net income of $152 mln, or $4.50 per share in 2007.
International property advisor Jones Lang LaSalle (JLL) saw its profits drop by 68% in the third quarter in part as a result of acquisition and restructuring charges. Third-quarter net income fell to $15 mln, or 43 cents a share, from $47mln, or $1.38 per share, a year before, the company said. On a year-to-date basis, 2008 net income was $42 mln, or $1.25 per share, compared with net income of $152 mln, or $4.50 per share in 2007.
The third-quarter results include about $9 mln of amortization and $2 mln of integration costs from two significant acquisitions completed in 2008 - Kemper's and The Staubach Company. Also included in the third-quarter results were severance charges of $8 mln, JLL said, taken primarily in EMEA, in response to the credit markets' impact on transaction levels.
'Strong performance in the Americas region and LaSalle Investment Management, together with the success of our recent Staubach and Kemper’s acquisitions, combined to mitigate the effects of the ongoing crisis in worldwide capital markets,' said Colin Dyer, Chief Executive Officer of JLL.
The firm announced that its board of directors declared a semi-annual dividend of $0.25 per share of its common stock. This represents a 50% reduction from the dividend previously paid.
