Global Sources Online Revenues Up 32 Percent in Q2
NASDAQ-listed Global Sources has reported results for the quarter ended June 30. Revenues in the second quarter were US$66.5 million, up 13 percent, compared with US$58.6 in the same period last year. Net profit attributable to shareholders was US$10.1 million, jumped 24 percent, compared with 2010’s US$8.2 million.
Revenues from mainland China were US$52.5 million, increased by 20 percent, compared with US$43.6 million recorded last year. The online services generated US$29.9 million in the second quarter, a year-on-year increase of 32 percent, compared with last year’s US$22.6 million. Exhibitions grew 6.3 percent to US$29.1 million from US$27.4 million in the second quarter of 2010.
Global Sources also released its results for the six months ended June 30. Revenues in the period were US$104.1 million, increased by 11 percent from US$94.2 million in the first six months of 2010. Net profit attributable to shareholders was US$13.6 million, a 15-percent increase from US$11.9 million in the same period of last year.
Management of the company forecasts revenues to be between US$115 million and US$117 million in the second half of 2011. Revenues recorded in the second half of 2010 were US$102.5 million.
Separately, Global Sources also announced changes in management this week. Former CEO of the company, Merle A. Hinrichs, has taken up the role of executive chairman of the board, while former deputy CEO, Spenser Au, assumes the position of CEO, effective Aug. 18. Part of the Global Sources team since 1978, Au has extensive industry knowledge of Greater China and other markets where the company operates. He has held the position of deputy CEO since October 2009.