Jones Lang LaSalle this morning revealed that its profits in the third quarter fell 68% due in part to acquisition and restructuring charges.
Third-quarter net income fell to $15m (£9.3m) from $47m (£29m) in the same quarter last year.
The company halved its semi-annual dividend to $0.25 a share. The results missed the average analyst target of $0.81.
The results included a charge of $9m (£5.5m) for amortisation of intangibles and $2m (£1.2m) for integration costs related the acquisitions of Staubach in the US and Kemper’s in Germany, plus $8m (£4.9m) for severance charges, taken primarily in Europe, the Middle East and Africa, in response to the credit markets' impact on transaction levels.
Revenue rose 8% to $677m (£419m), missing the $685.8m (£424.5m) Wall Street had expected. Leasing activity helped offset lower sales commissions.
During the third quarter JLL increased its bank credit facilities from $575m (£356m) to $875m (£542m) in connection with the Staubach acquisition and had $543m (£336m) outstanding at the end of the quarter.