India to contribute up to 6% to total revenues: Jones Lang
Yoshita Singh/ PTI / Chicago Apr 30, 2009, 11:12 IST
Global real estate services firm Jones Lang LaSalle sees India's contribution to its total revenues doubling to 4-6% in the next couple of years and said it will continue to invest in growth opportunities in the emerging markets.
"We expect India's...Share in our total revenues to double from 2-3% to 4-6%," company's President and CEO Colin Dyer said in a conference call with analysts.
The firm reported revenue of 2.7 billion dollars in 2008.
Pointing out that the company has been growing in India both through acquisitions and organic investment, Dyer said the firm will continue to invest for growth in the country.
"Over time, India and China will be a larger proportion of total world GDP as they will be a larger proportion of our business. We are superbly placed in both economies to pick up that growth over the next 10 years," he added.
Dyer said during the first quarter of 2009, revenues in India increased by about 15%, already contributing 3.5% to the company's total revenues from 2.5% earlier.
He said large economies of India and China are home to "dynamic environments", growing at a time when developed economies around the world are reeling under the economic recession.
"In the major economies where we operate, only India and China are still growing... In the order of 5-7%, compared to Western Europe and the US, which are declining by 5-7%," he said.
City-based Jones Lang LaSalle today posted a net loss of $61.5 million in the first quarter of 2009 compared to a profit of $2.8 million in the year-ago quarter reflecting slump in real estate values.
Revenue for the first quarter of 2009 fell 12% to $494 million.
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