Thursday, August 02, 2012

CBRE, JLL boost Q2 profit

CBRE Group and Jones Lang LaSalle (JLL), two of the leading global real estate services firms have posted higher profits for Q2 2012, although both warned that the real estate industry is affected by global economic conditions.

CBRE’s earnings during the period, excluding charges, grew 31 percent driven by strong business in America which compensated its revenue decline in Europe.

According to Thomson Reuters I/B/E/S, CBRE’s earnings were at US$88 million (S$110 million) or 27 cents per share, reaching US$1.60 billion (S$2 billion) in revenue, exceeding the forecast by Wall Street of 26 cents per share on revenue of US$1.57 billion (S$1.96 billion).

On the other hand, JLL reported a two percent rise in Q2 earnings excluding charges of US$51 million (S$64 million) or US$1.13 (S$1.41) per share, with revenue climbing nine percent to US$921 million (S$1.15 billion). However, it missed the US$1.26 (S$1.57) per share forecast of Wall Street on revenue of US$933.1 million (S$1.165 billion).

Will Marks, Analyst at JMP Securities, said the firm did not achieve the forecasted revenue due to the method of accounting used by its Property & Facility Management, which resulted in low margins.

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