Global Sources 2Q Revenues Flat Year-over-year with US$66.8 Million
Global Sources recently reported its financial results for the quarter ending June 30. Revenues in the second quarter were US$66.8 million, mostly flat, compared with last year’s US$66.5 million.
Net profit attributable to shareholders was US$9.7 million, a drop of 3.6 percent from 2011’s US$10.1 million.
Global Sources’ exhibitions business expanded with revenues of US$30.5 million, up 4.8 percent from the US$29.1 million recorded in Q2 of 2011.
Online services generated US$30.0 million in the quarter, compared with US$29.9 million in 2011. Revenues from print services dropped 28 percent to US$4.4 million, down from last year’s US$6.1 million.
Global Sources also released its half-year results for the six months ending June 30. Revenues in the period were US$105.7 million, up 1.6 percent from US$104.1 million in the first half of 2011.
Net profit attributable to shareholders was US$12.8 million, a year-on-year decrease of 5.9 percent from last year’s US$13.6 million. Diluted earnings per share in the first half were US$0.36.
Global Sources’ management forecasts revenues in the second half of the year to be between US$120 million and US$122 million.
This is similar to revenues recorded in the second half of 2011 which were US$121 million.
In other Global Sources news, its board of directors has reviewed and approved the designation of board member Eddie Heng, who was previously the company's chief financial officer until June 30, 2009, as an independent director.
They also approved the appointment of Heng as an additional member of the company's compensation committee, both with effect from Aug. 20.