News this week: Yesterday, NASDAQ-listed Global
Sources released its first quarter results for the period ended 31st
March 2014. Revenues were US$34 million, up 10% compared with US$31 million
recorded in the same quarter last year. However, IFRS net income in the period dropped
from US$5.6 million last year to US$145,000 in the quarter.
The Hong Kong-based company generated revenues of US$21.3
million from its online business – 62% of total revenues. That is a drop of 15%
from the US$25.0 million recorded last year. Revenues from print businesses
accounted for 7.5% of total revenues at US$2.6 million, down 13% year-on-year
from US$3.0 million recorded in the same quarter in 2013. While exhibition
revenues increased from US$1.5 million in the first quarter of last year, to
US$8.9 million this year, and accounted for 26% of the company’s total
revenues.
Global Sources’ executive chairman, Merle A. Hinrich, said, “In
the first quarter of 2014, our new SIMM machinery shows were a strong success
in every respect and contributed substantially to our first quarter revenue… As
we continue to manage through a sluggish global retail market, we are working
to improve our overall revenue performance. We have made changes within our
online business that have improved its financial performance, and we are
planning several new trade shows.”
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