Global Sources Online Revenues Up 32 Percent in Q2

August 23, 2011

NASDAQ-listed Global Sources has reported results for the quarter ended June 30. Revenues in the second quarter were US$66.5 million, up 13 percent, compared with US$58.6 in the same period last year. Net profit attributable to shareholders was US$10.1 million, jumped 24 percent, compared with 2010’s US$8.2 million.

Revenues from mainland China were US$52.5 million, increased by 20 percent, compared with US$43.6 million recorded last year. The online services generated US$29.9 million in the second quarter, a year-on-year increase of 32 percent, compared with last year’s US$22.6 million. Exhibitions grew 6.3 percent to US$29.1 million from US$27.4 million in the second quarter of 2010.

Global Sources also released its results for the six months ended June 30. Revenues in the period were US$104.1 million, increased by 11 percent from US$94.2 million in the first six months of 2010. Net profit attributable to shareholders was US$13.6 million, a 15-percent increase from US$11.9 million in the same period of last year.

Management of the company forecasts revenues to be between US$115 million and US$117 million in the second half of 2011. Revenues recorded in the second half of 2010 were US$102.5 million.

Separately, Global Sources also announced changes in management this week. Former CEO of the company, Merle A. Hinrichs, has taken up the role of executive chairman of the board, while former deputy CEO, Spenser Au, assumes the position of CEO, effective Aug. 18. Part of the Global Sources team since 1978, Au has extensive industry knowledge of Greater China and other markets where the company operates. He has held the position of deputy CEO since October 2009.

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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.