Global Sources' profit up 73 Percent in Q2
NASDAQ-listed Global Sources recently released its financial results for the quarter ended June 30. Revenues in the quarter were US$61 million, a year-on-year decrease of 8.0 percent. Net profit attributable to shareholders was US$17 million in the period, a jump of 73 percent from 2012.
Global Sources’ exhibitions business expanded to become its largest business segment during the quarter. Revenues were up 9.1 percent to US$33 million, or 54 percent of total revenues. Online business accounted for 37 percent of total revenues, which amounted to US$23 million or a drop of 25 percent from last year. Revenues from print services were down 19% to US$3.5 million and accounted for 5.7 percent of total revenues.
Global Sources’ executive chairman, Merle A. Hinrich, said: “In the second quarter, our exhibitions business performed well. However, the soft export demand and uncertain global economic environment continued to impact our overall results. With our balance sheet providing a strong foundation, we remain committed to maintaining long-term growth and profitability, as we focus on the continuous improvement of our products and services, and our overall positioning in the market.”
Global Sources also reported its half-year results for the six months ended 30th June. Revenues in the period were US$93 million, down 12 percent from the first half of 2012. Net profit attributable to shareholders grew by 75 percent over last year to US$22 million. Diluted earnings per share in the first half were US$0.62.
Global Sources’ management forecasts revenues in the second half of the year to be between US$101 million and US$103 million. Revenues recorded in the second half of 2012 were US$126 million.