Operating profits at Jones Lang LaSalle rise by 45%
Accounts just lodged to the Companies Office show the firm’s revenues increased by 4% from €9.26m to €9.65m in the 12 months to the end of December last.
The increase is the first increase in business at the firm in five years.
The Dublin-based firm was one of five appointed by Nama to advise on property valuations on a national basis and its former chairman, John Mulcahy, is Nama’s head of asset management.
Figures released by Finance Minister Michael Noonan earlier this year confirmed that Jones Lang LaSalle received the second highest amount in portfolio management fees at €2.8m from Nama since its inception to the end of January.
The fees relate to the costs of managing Nama’s acquired loan portfolio with a significant portion of these costs relating to the fees incurred for the independent review of debtor business plans.
The Jones Lang LaSalle filings show net interest payments of €323,000 received last year, compared to €595,000 in 2010, resulted in pre-tax profits increasing only marginally on 2010.
The firm recorded pre-tax profits of €1.207m in 2011 compared to €1.205m in 2010.
A higher tax bill of €244,000 compared to €209,000 resulted in post- tax profits decreasing by 3% from €996,000 in 2010 to €963,000 last year.
The directors highlight the reduction in post tax profits and state “this decline is expected to continue into 2012 resulting in a need for the company to focus on cost control and client interests to maintain profitability and grow market share”.
The US-owned firm specialises in commercial property and figures show the firm’s directors last year received an aggregate €2.77m in emoluments — a drop on the €2.8m in emoluments in 2010 that includes pension contributions, expenses and share-based payments.
The firm’s accumulated profits at the end of 2011 stood at €28.1m. The directors do not propose a dividend payment.
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