New York: Officials of Jones Lang LaSalle Inc., a global real estate services firm, said on Wednesday?fourth?quarter (Q4) net income rose 30% as all its regions reported better results.
The firm, which runs as Jones Lang LaSalle Meghraj in India, saw net income rise to $105 million (about Rs413 crore then) from $80.4 million in the year-ago quarter. Revenue in Q4 rose to $861.8 million from $704.4 million.
During Q4, the firm’s revenue in its Americas unit grew 11% to $250 million, but was less than the 23% revenue increase for the year. Although management services grew 23% during the quarter, the credit crunch took the steam out of sales and rental transactions, which were flat.
In Europe, West Asia and Africa, Q4 revenues rose 21% to $327 million. Transactions revenue was up 18% and management services grew 26%.
Russia, the Netherlands and Central and Eastern Europe lead the growth in the region, while England and Germany saw flat revenue.
The Asia-Pacific Region saw quarterly revenues rise 37% to $170 million as sales and leasing rose 40% and management services rose 34%. Australia, India and Japan, were the greatest growth drivers.
Revenue generated by LaSalle Investment Management rose 35% during the quarter to $115 million. Reuters
MTNL clocks 53% drop in Q3 net on market share loss
State-run Mahanagar Telephone Nigam Ltd ( MTNL) reported a 53% year-on-year decline in its net profit at Rs976 crore for the third quarter (Q3) ended December as the company continued to lose market share to more aggressive rivals such as Bharti Airtel Ltd and Reliance Communications Ltd, in the markets of Mumbai and Delhi. The firm’s total revenues for Q3 also declined to Rs1,326 crore, from around Rs1,428 crore in the year-ago quarter.
“The staff cost alone accounts for almost 35% of our revenues, putting a lot of pressure on our profitability,” A.K. Arora, executive director of MTNL, had said in an interview earlier this month.
However, staff costs during the quarter went down from Rs474 crore in the corresponding quarter last fiscal to Rs433 crore in the past quarter. The reduction in costs was brought about by a voluntary retirement scheme that was initiated in fiscal 2006 and fiscal 2007, according to an MTNL statement. During the quarter, the company’s cellular phone subscriber base also increased by 182,760 new connections, bringing MTNL’s total subscribers to 2,954,880 at end-December.
What may have contributed to the decline in revenues is other income during the quarter, “which came down to Rs137 crore, from almost Rs200 crore a year ago,” said Yogesh Kirve, equity analyst at Mumbai-based Anand Rathi Securities Ltd.
MTNL was set up in 1986 by the Union government to enhance telephone connectivity across India. The government currently holds a 56.25% stake in the company.
Shares of MTNL fell 6.62% to close Wednesday trade at Rs123.40 on the Bombay Stock Exchange. Pankaj Mishra
Aurobindo Pharma’s Q3 net profit declines 8%
Mumbai:Aurobindo Pharma Ltd on Wednesday posted an 8.1% decline in net profit, at Rs55.25 crore, for the quarter ended 31 December, compared with Rs60.12 crore for the same quarter in the last fiscal.
Total income of the company increased 7.33%, to Rs549.42 crore, in the quarter under review from Rs511.86 crore in the corresponding period last year, the pharmaceutical firm informed the Bombay Stock Exchange (BSE).
On a consolidated basis, the group reported a net profit of Rs44.57 crore and total income of Rs587.08 crore for the quarter ended 31 December.
Shares of the company ended the day at Rs332.80—down 12.06% on BSE. Reuters