Net income for Jones Lang LaSalle fell by 68 percent in the quarter ending June 30, the company reported yesterday.
The Chicago-based real estate service firm said profits decline to $24.5 million on revenues of $659 million in the second quarter, down from $77.9 million in profits on $676 million in revenue in the same period last year.
An increase in management fees offset a decline in the company’s capital markets and hotel operations, the company said.
Jones Lang LaSalle reported $92 million in costs associated with 13 acquisitions completed in 2007 and 10 in the first half of 2008. Its recent $613 million purchase of the Staubach Company was expected to be completed in the third quarter.