Jones Lang Lasalle (JLL) has reported 56.56 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $48 million, or $1.05 a share in the quarter, compared with $110.50 million, or $2.43 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $64.70 million, or $1.42 a share compared with $116.40 million or $2.56 a share, a year ago.
Revenue during the quarter grew 13.58 percent to $1,705.20 million from $1,501.30 million in the previous year period.
Total expenses were $1,634.20 million for the quarter, up 18.33 percent or $253.20 million from year-ago period. Operating margin for the quarter contracted 385 basis points over the previous year period to 4.16 percent.
Operating income for the quarter was $71 million, compared with $120.30 million in the previous year period. However, the adjusted operating income for the quarter stood at $93.20 million compared to $141.20 million in the prior year period.
"We achieved record third-quarter revenue driven by recent acquisitions and strong organic growth in the Americas and Asia Pacific," said Christian Ulbrich, JLL chief executive officer. "We expect to deliver strong operating performance during the fourth quarter of 2016 and be well positioned for further growth in 2017,” Ulbrich added.
Operating cash flow remains negativeJones Lang Lasalle has spent $151.90 million cash to meet operating activities during the nine month period as against cash outgo of $18.20 million in the last year period. The company has spent $617.40 million cash to meet investing activities during the nine month period as against cash outgo of $184.50 million in the last year period.
Cash flow from financing activities was $779.30 million for the nine month period, up 386.45 percent or $619.10 million, when compared with the last year period.
Cash and cash equivalents stood at $228.40 million as on Sep. 30, 2016, up 18.04 percent or $34.90 million from $193.50 million on Sep. 30, 2015.
Receivables move up
Net receivables were at $2,201.60 million as on Sep. 30, 2016, up 23.61 percent or $420.57 million from year-ago.
Total assets jumped 35.94 percent or $1,881.57 million to $7,116.60 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,261.70 million as on Sep. 30, 2016, up 57.82 percent or $1,561.37 million from year-ago.
Return on assets moved down 144 basis points to 0.85 percent in the quarter. At the same time, return on equity moved down 269 basis points to 1.69 percent in the quarter.
Debt increases substantiallyTotal debt was at $1,412.60 million as on Sep. 30, 2016, up 111.35 percent or $744.23 million from year-ago. Shareholders equity stood at $2,847.50 million as on Sep. 30, 2016, up 12.74 percent or $321.72 million from year-ago. As a result, debt to equity ratio went up 23 basis points to 0.50 percent in the quarter.
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