Jones Lang LaSalle has reported better-than-expected third-quarter profits.
The New York Stock Exchange-listed property services firm made net income of $46.5m (£22.4m), or $1.38 a share, topping the $1.27 average estimate of analysts.
In the same period last year net income was $24.7m (£11.9m), or $0.73 a share.
The figures, posted late yesterday, are in stark contrast to those of rival CB Richard Ellis, which saw its shares plunge 8% on Tuesday after it narrowly missed analysts’ forecasts, despite producing strong figures.
JLL’s third-quarter revenue rose 35% to $624m (£300m) and the semi-annual dividend has been raised 43% from $0.35 to $0.50 a share.
Its shares closed last night up 1.3% at $95.33.
‘While we recognise the uncertainty in the capital markets, particularly in the US and the UK, we expect that the strategic growth investments we have made across our diverse business, and our focus on superior client service, will produce continued solid performance in the fourth quarter and into 2008,’ said Colin Dyer, president and chief executive.
In Europe, the Middle East and Africa, quarterly revenue rose 33% to $225m (£108m) on strong sales, leasing, management and advisory services.
Capital markets’ transaction volumes ‘were up slightly during the quarter even though total transaction volumes for the European capital markets as a whole were down 11%,’ JLL said. ‘This performance reflects the growth in market share from both acquisitions and the hiring of new transactors.’
Geographically, all countries provided year-over-year revenue growth, led by England, Germany and Russia.
England's revenue increased 23%, benefiting from investments made in 2006 and healthy growth in management services.
Russia's revenue more than doubled, driven by the increased volume of completed valuations.
Germany continued its momentum from earlier in the year as revenue increased 44%.
In the Americas region revenue was up 25% to $188m (£90m).
The Asia-Pacific Region saw quarterly revenue rise 71% to $134m (£64m).
Revenue generated by LaSalle Investment Management rose 27% to $82.3m (£40m).