Commercial real estate brokerage and services firm JLL took a hit on year-over-year net income in Q2, but that does not reflect weakness in the firm's revenue.
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The Chicago-based company’s net income dropped 35% to $8.9M (or $1.71 earnings per share) in Q2, down from $13.7M (or $1.82 EPS) during the same period in 2016. JLL attributed the decline in profits to increased investment activity concentrated in European and Asian markets.
Revenue jumped 14% to $1.8B. Economists surveyed by Thomson Reuters expected net income of $1.54 a share on revenue of $1.69B, according to Nasdaq.
The company, with roughly 300 corporate offices in 80 countries, had $57.6B of assets under management as of June 30. Both operating expenses and operating income fell during the quarter, and JLL said its margins reflect continued growth and strong M&A activity.
“Broad-based revenue growth supported by healthy conditions in key markets globally contributed to a strong quarter at JLL,” CEO Christian Ulbrich said. “We remain positive entering the second half of the year given our progress on strategic initiatives and underlying operating momentum.”'
