Global Sources’ Revenues and Profit Down in Q2
NASDAQ-listed Global Sources released its financial results for the quarter ended June 30 2014. Revenues in the quarter were US$58.3 million, a year-on-year decrease of 5%.
Net profit attributable to shareholders was US$7 million in the period, a drop of 58% from 2013.
Global Sources’ revenues from exhibitions were US$32.4 million, down 2.7% compared with last year, and accounted for 56% of total revenues.
Online business accounted for 36% of total revenues, which amounted to US$20.8 million. Online revenues were down 8% vs. last year. Revenues from print services were down 14% to US$3.0 million and accounted for 5% of total revenues.
Merle A. Hinrich, Global Sources’ executive chairman, said, “In the second quarter, our export trade shows in Hong Kong performed very well and featured our largest-ever electronics series, including the inaugural Mobile Electronics show.”
He added, “We are encouraged by the strength of our exhibition business as we continue to specialise and address the markets we believe offer the greatest opportunity for growth.”
Global Sources also reported its half-year results for the six months ended June 30. Revenues in the period were US$93 million, flat compared with the first half of 2013.
Net profit attributable to shareholders dropped by 68% over last year to US$7 million. Diluted earnings per share in the first half were US$0.2.
Global Sources’ management expects revenues in the second half of the year to be between US$102 million and US$104 million. Revenues recorded in the second half of 2013 were US$105 million.