Global Sources' Revenue Down 24% in Q3
This week, NASDAQ-listed Global Sources released its results for the third quarter ended 30th September 2013. The company reported revenues of US$45 million, down 24% compared with the same quarter in 2012. Net profit attributable to shareholders in the quarter was US$5.4 million, a drop of 35% from the third quarter last year.
Nearly half of Global Sources’ revenues were generated from online services, amounting US$22 million, a 26% decrease year-on-year. Print revenues dropped 19% to US$3.4 million in the quarter, and accounted for 7.5% of total revenues. The management attributed the 24% drop in exhibition revenues to US$18 million to a shift in timing of trade shows. Exhibition revenues accounted for 39% of the company’s total.
Global Sources also announced results for the nine months ended 30th September. The company’s revenues were US$137 million, down 17% year-on-year. However, net profit attributable to the shareholders in the nine-month period grew 32% to US$28 million. Diluted net income per share was US$0.77.
Global Sources maintained its revenue guidance for the second half of 2013 to be between US$101 million and US$103 million. Revenues for the second half of last year were US$126 million.