News this week: Earlier this week,
NASDAQ-listed Global Sources
released first quarter results for the period ended 31st March 2012.
Revenues were US$31.3 million, down 20% compared with US$38.9 million recorded in the same
quarter last year. However, net
income attributable to the company’s shareholders in the period was up 81% from US$3.1 million in the first
quarter in 2012 to US$5.6 million this year. Diluted earnings per share
in the quarter were US$0.16.
Global Sources’
CFO, Connie Lai, commented on the results, “In the first quarter, we took
action to reduce operating expenses. Also, our bottom line benefitted from the
sale of an office property in Hong Kong… We intend to continue our efforts to
strike the right balance between investing for the future and prudently
managing costs.”
The Hong Kong-based company generated revenues of US$25.0 million from its online business
– 80% of total revenues – that is
a drop of 19% from US$30.9 million recorded last year.
Revenues from print businesses accounted
for 9.5% of total revenues at US$2.98 million, down 31% year-on-year from the US$4.35
million recorded in the same quarter last year. Exhibition revenues decreased 32% to US$1.5 million from US$2.2
million in 2012, and accounted for 4.8% of the company’s total revenues.
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