Dow Jones Newsires | Jones Lang LaSalle Inc.’s fourth-quarter profit climbed 26 percent as restructuring charges were cut nearly in half.
For the latest quarter, Jones Lang reported a profit of $52.3 million, or $1.19 a share, up from $41.5 million, or $1.17 a share, a year earlier. The latest quarter included $10.8 million in restructuring charges, compared with $20.1 million a year earlier. Excluding items, earnings were $1.44.
The real-estate services company credited its “solid performance in the Americas” to corporate outsourcing and integration of Staubach Co., a commercial brokerage it bought in 2008.
“Although markets face a slow and uneven recovery, the actions we’ve taken to protect our businesses and win market share make us confident about our prospects for 2010,” said Chief Executive Colin Dyer.
Revenue grew 9.3 percent in the Americas and 23 percent in Asia Pacific but fell 6.7 percent in Europe, Middle East and Africa.
Leasing revenue grew 20%, and property and facility management revenue climbed 25% in the Americas.
Jones Lang provides help with sales, leasing and management of commercial properties worldwide as well as financial services, including investment banking.
Jones Lang’s shares slid 9 cents to $57.90 in after-hours trading. The stock has more than tripled from a six-year low in March.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com