SG Jones Lang posts moderate revenue growth
Property Here - Thursday, May 02, 2013
By Romesh Navaratnarajah:
Jones Lang LaSalle reported a six percent revenue increase to US$856 million (S$1.056 billion) in the first quarter of 2013, from US$813.3 million (S$1.003 billion) during the same period last year. Fee revenue stood at US$781 million (S$963 million), up six percent from last year’s US$744.9 million (S$918.9 million).
Consolidated fee revenue growth was driven by a 12 percent fee revenue rise in local currency for the EMEA region (Europe, Middle East and Africa) and a 37 percent growth in Capital Markets & Hotels.
“We’re pleased with our opening quarter, which is in line with our expectations,” said Colin Dyer, President and CEO of Jones Lang LaSalle. “The performance of our regional real estate services showed overall improvement driven by fee revenue growth and cost actions taken last year. LaSalle Investment Management maintained good underlying performance and is positioned to increase assets under management.”
“With markets in a gradual but uneven cyclical upswing, we continue to grow market share, improve productivity and expand client relationships. We remain positive about our prospects for the year,” he added.
For the Asia Pacific region, revenue grew five percent to US$190 million (S$234 million) from US$186.4 million (S$229.9 million), due mainly to transactional growth in Capital Markets & Hotels and annuity growth in Property & Facility Management.
The growth was driven by China, Hong Kong and Southeast Asia.