Global Sources’ Revenues and Profit Down in Q2

August 26, 2014

NASDAQ-listed Global Sources released its financial results for the quarter ended June 30 2014. Revenues in the quarter were US$58.3 million, a year-on-year decrease of 5%.

Net profit attributable to shareholders was US$7 million in the period, a drop of 58% from 2013.

Global Sources’ revenues from exhibitions were US$32.4 million, down 2.7% compared with last year, and accounted for 56% of total revenues.

Online business accounted for 36% of total revenues, which amounted to US$20.8 million. Online revenues were down 8% vs. last year. Revenues from print services were down 14% to US$3.0 million and accounted for 5% of total revenues.

Merle A. Hinrich, Global Sources’ executive chairman, said, “In the second quarter, our export trade shows in Hong Kong performed very well and featured our largest-ever electronics series, including the inaugural Mobile Electronics show.”

He added, “We are encouraged by the strength of our exhibition business as we continue to specialise and address the markets we believe offer the greatest opportunity for growth.”

Global Sources also reported its half-year results for the six months ended June 30. Revenues in the period were US$93 million, flat compared with the first half of 2013.

Net profit attributable to shareholders dropped by 68% over last year to US$7 million. Diluted earnings per share in the first half were US$0.2.

Global Sources’ management expects revenues in the second half of the year to be between US$102 million and US$104 million. Revenues recorded in the second half of 2013 were US$105 million.

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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.