Global Sources 2012 Revenues Up 3%, Net Profits Up 9.3%
NASDAQ-listed Global Sources released its year-end 2012 results. Revenues in the year were US$232 million, up 3.0% over the previous year. Net profits in 2012 were US$32 million, a year-on-year increase of 9.3%. Diluted earnings per share in 2012 were US$0.90.
More than half of Global Sources’ revenues were generated from its online services (US$119 million) – roughly flat compared with 2011. Exhibitions revenues in the year were up 14% reaching US$89 million. That figure represents 38% of total revenues. Print services (US$17 million) continue to shrink accounting for just 7.4% of total revenues – a 27% year-on-year decrease.
Global Sources also provided guidance for the first half of 2013. The company’s management is forecasting a weaker first half with revenues of between US$87 million and US$89 million. This represents a decrease of 16%-18% compared to the first half of 2012.
Separately, Global Sources also announced it has signed agreements related to three real estate transactions. The company will sell the 46th Floor of Excellence Times Square in Shenzhen for approximately US$19.3 million as well as office units and car parking spaces in the Southmark Building in Hong Kong for approximately US$9.0 million. Finally, the company will also spend US$23.6 million to purchase the 21st, 22nd and 23rd Floors of Vita Tower in Hong Kong, which currentlyhouse the operational officesof Global Sources.