Friday, May 16, 2014
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.”