Jones Lang LaSalle has unveiled a first-quarter net loss of $61 mln or $1.78 per share, mostly due to expenses relating to its 2008 acquisition of Dallas-based The Staubach Co. and the German retail real estate services firm Kemper's. This compares to a profit of $2.8 mln for the year-earlier period, the Chicago-based company said on Tuesday.
Jones Lang LaSalle has unveiled a first-quarter net loss of $61 mln or $1.78 per share, mostly due to expenses relating to its 2008 acquisition of Dallas-based The Staubach Co. and the German retail real estate services firm Kemper's. This compares to a profit of $2.8 mln for the year-earlier period, the Chicago-based company said on Tuesday.
'Solid first-quarter performance in our Americas region and annuity businesses globally were offset by the seasonality of our business and the weakest transaction markets in memory,' said Colin Dyer, Chief Executive Officer of JLL. 'In this environment, we continue to reduce costs aggressively, manage our balance sheet responsibly and serve our clients effectively,' Dyer added.
In 2009, the firm will continue to cut staff and eliminate 'significant discretionary spending'. The firm hopes to realise savings of $100 mln as a result of these measures. The firm's outstanding debt on its credit facilities was $496 mln at March 31, 2009.
In the EMEA region, first-quarter 2009 revenue came to $121 mln compared with $183 mln in 2008, a decrease of 34%, driven by continued reductions in transaction volumes across the region. The region's EBITDA for the first quarter of 2009 was minus $16 mln, compared with minus $1 mln for the same period last year.
