12:15PM New York – Jones Lang LaSalle plunges 12% and CB Richard Ellis edged 3% higher after they report earnings.

Jones Lang LaSalle Incorporated global real estate broker and services provider reported first quarter 2008 revenue rose 15% to $564 million and up 9% in in local currencies from the prior year.

Net income plunged 90% to $2.8 million, or $0.09 per diluted share of common stock compared with net income of $27.3 million, or $0.81 per share, in the same period a year ago.

In the Americas region, revenue for the first quarter was $174 million, an increase of 17% over the same period last year, despite a decrease of 54% in capital markets revenue and fewer transactions completed in the Americas hotels business.

Europe Middle East and Africa region revenue in the quarter rose 3.6% to $183 million compared with $177 million in the prior year. Management services revenue grew 50% to $48.2 million. Transaction services revenue decreased 7% to $132 million as a result of reduced transaction volume in capital markets.

Revenue from the firm’s capital markets decreased 29% in the first quarter of 2008.

Revenue for the Asia Pacific region in the region was $117 million, an increase of 36% over the prior year despite several large capital markets transactions being delayed. Growth for the quarter resulted from both transaction services revenue, which increased nearly 50%, and management services revenue, which increased 27%.

LaSalle investment management’s first-quarter revenue increased to $87.4 million, up 11% over the prior year.

Jones Lang LaSalle stock (JLL: chart)) plunged $9.55 to $78.11.

CB Richard Ellis Group, Inc a commercial real estate services firm today reported first quarter of 2008 revenue of $1.23 billion compared to $1.21 billion for the same quarter of 2007.

First quarter net income was $20.45 million or $0.10 cent per diluted share versus net income of $11.97 million or $0.05 cent per diluted share for the same quarter of year-ago.

First quarter operating income decreased to $70.33 million compared to $93.13 million for the same quarter of 2007.

CB Richard Ellis'' first-quarter results were paced by significant growth in its outsourcing business activities.

During the first quarter, the Company won 11 new outsourcing accounts, expanded its services for 10 existing customers and renewed its relationship with 11 others.

First quarter revenue for the Americas region, including the U.S., Canada and Latin America, was $783.5 million, compared with $791.9 million for the first quarter of 2007.
Operating income for the Americas region totaled $62.4 million for the first quarter of 2008, compared with $21.6 million for the first quarter of 2007.

In the current quarter, the Company recorded an equity loss from unconsolidated subsidiaries of $10.6 million due to a write-down of its investment in CBRE Realty Finance attributable to a declined market valuation.

Revenue for the Europe Middle East and Africa region, which mainly consists of operations in Europe, increased 7.7% to $242.8 million for the first quarter of 2008, compared with $225.4 million for the first quarter of 2007. Operating income for the EMEA segment totaled $8.0 million for the first quarter of 2008, compared with $33.6 million for the same period last year.

The company guided the revenue in the region should support healthy gains in total earnings.

In the Asia Pacific region, which includes operations in Asia, Australia and New Zealand, revenue totaled $137.4 million for the first quarter of 2008, 46.2% increase from $94.0 million for the first quarter of 2007. Operating income for the Asia Pacific segment increased to $12.3 million for the first quarter of 2008 compared to $9.9 million for the same period last year.