Jones Lang LaSalle made a net loss of $14m in the second quarter.
The firm last night reported the loss, which would have been an $11m profit but for $15m of restructuring costs and $15m of non-cash co-investment charges.
The restructuring costs related mainly to redundancies but include integration costs from the 2008 acquisitions of Staubach in the US and Kemper’s in Germany.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from $55m in the second quarter of last year to $49m. Revenue dropped 13% to $576m.
Including first quarter figures, the firm’s net loss for the first half of the year was $76m on revenue of $1.1bn.
'During the quarter, we continued to strengthen our balance sheet, reduce costs and align the size of our business to market conditions,’ said CEO Colin Dyer. ‘At the same time, we have been careful to retain our key revenue generating teams and have increased our market share in many business areas as a result.’
The European division’s revenue fell 39% from $236m in 2008 to $143m, as a result of a drop-off in transaction volumes. Its EBITDA more than halved from $9m last year to $4m.