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Jones Lang LaSalle Incorporated (JLL) has reported a 15.60 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $165.50 million, or $3.62 a share in the quarter, compared with $196.10 million, or $4.31 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $180.20 million, or $3.95 a share compared with $209.60 million or $4.61 a share, a year ago. Revenue during the quarter grew 14.35 percent to $2,158.20 million from $1,887.40 million in the previous year period.
Total expenses were $1,931.90 million for the quarter, up 18.26 percent or $298.30 million from year-ago period. Operating margin for the quarter contracted 296 basis points over the previous year period to 10.49 percent.
Operating income for the quarter was $226.30 million, compared with $253.80 million in the previous year period. However, the adjusted operating income for the quarter stood at $245.80 million compared to $272 million in the prior year period.
"We recorded double-digit revenue growth for both the fourth quarter and full year of 2016, driven by recent acquisitions and organic growth," said Christian Ulbrich, JLL CEO. "Going forward, we are focused on translating our increases in revenue and strategic investments into accelerated profit growth," Ulbrich added. "Our businesses continue to perform well, and we expect economic and real estate markets to remain positive in most markets globally this year."
Operating cash flow drops significantly
Jones Lang LaSalle Incorporated has generated cash of $214.50 million from operating activities during the year, down 42.92 percent or $161.30 million, when compared with the last year. The company has spent $802 million cash to meet investing activities during the year as against cash outgo of $584.60 million in the last year.
Cash flow from financing activities was $636.40 million for the year, up 232.15 percent or $444.80 million, when compared with the last year.
Cash and cash equivalents stood at $258.50 million as on Dec. 31, 2016, up 19.34 percent or $41.90 million from $216.60 million on Dec. 31, 2015.
Total assets grew 22.95 percent or $1,424.24 million to $7,629.40 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,807.90 million as on Dec. 31, 2016, up 38.33 percent or $1,332.12 million from year-ago.
Return on assets moved down 97 basis points to 2.36 percent in the quarter. At the same time, return on equity moved down 133 basis points to 5.87 percent in the quarter.
Debt increases substantially
Total debt was at $1,267.60 million as on Dec. 31, 2016, up 125.91 percent or $706.50 million from year-ago. Shareholders equity stood at $2,814.70 million as on Dec. 31, 2016, up 3.55 percent or $96.40 million from year-ago. As a result, debt to equity ratio went up 24 basis points to 0.45 percent in the quarter.
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