From minus to plus
In 2002 Jones Lang LaSalle Inc. made USD 27.1 mln, which was not bad considering last year's recorded loss of USD 15.4 mln.
The company owes this success mainly to LaSalle Investment
Management, effective management in South and North America, and stabilisation
in the regions of Asia and the Pacific. Chris Peacock, President of Jones Lang
LaSalle, has stressed that despite the difficult market conditions in Europe,
the company not only succeeded in carrying out organisational changes but also
reduced costs.
In Europe, JLL's income amounted to USD 314.4 mln in 2002, 9 per cent less than
in 2001. Even cutting costs did not compensate for the losses in operational
profit, which on the Continent was over 50 per cent lower than in 2001 and
totalled USD 17.7 mln. We asked Darren Battle, Managing Director of JLL Poland,
about his branch's results. "Even though the market was tough, it was the
best year for Poland. The retail and office agencies did best of all, in terms
of tenant representation and the capital market." He didn't give us the
exact financial results but informed us that in 2002, turnover in the Polish
market grew by 15 per cent and profits by 9 per cent, compared to 2001. "We're
hoping for even better results this year and are expecting substantial growth,
particularly in the area of investor services." Jones Lang LaSalle is the
first stock consultancy firm operating in the Polish market to publish its
financial data for 2002. The next will be: Cushman & Wakefield & Baker
this month, DTZ, CB Richard Ellis and Lambert Smith Hampton (whose results will
be included in its owner WS Atkins' report).
