Global Sources Reports Strong Results in Q3
NASDAQ-listed Global Sources released its third quarter results ended Sept. 30 this week. The company reported revenues were US$47 million, an increase of 19 percent, compared with the same quarter in 2010. Net profit attributable to shareholders was US$3.96 million in the quarter, an impressive growth of 90 percent, compared with the third quarter of 2010.
Online revenues of US$30 million were recorded this quarter, an increase of 22 percent, while exhibitions revenues jumped 17 percent to US$9 million. Print revenue grew 9.1 percent to US$6.3 million in the quarter. Revenues from mainland China were US$37.5 million, up 22 percent, compared with the US$30.7 million recorded last year.
For the nine months ended Sept. 30, the company’s revenues were US$151 million, a year-on-year increase of 13 percent. Net profit attributable to shareholders in the period was US$18 million, a growth of 26 percent, compared with last year. The diluted net income per share was US$0.50 in the first nine months of 2011.
Global Sources’ executive chairman, Merle A. Hinrichs, said, “Over the past few years, we have led the market by taking exhibitors to key sourcing hubs in Africa, India, the Middle East and Latin America. In the third quarter, we launched a very successful show in Miami focused on the Latin American market. Most recently, we have announced plans to launch China Sourcing Fairs in Brazil during 2012. As a result of all of these initiatives, we have expanded the quality and quantity of our buyer communities in those regions to the benefit of all of our advertisers and exhibitors.”
Global Sources also issued guidance for the second half of 2011 forecasting revenues between US$115 million and US$117 million, which would be a 12 percent-14 percent increase, compared with the revenues of the second half of 2010 (US$102.5 million).