Global Sources' Revenue Down 24% in Q3

November 25, 2013

This week, NASDAQ-listed Global Sources released its results for the third quarter ended 30th September 2013. The company reported revenues of US$45 million, down 24% compared with the same quarter in 2012. Net profit attributable to shareholders in the quarter was US$5.4 million, a drop of 35% from the third quarter last year.

Nearly half of Global Sources’ revenues were generated from online services, amounting US$22 million, a 26% decrease year-on-year. Print revenues dropped 19% to US$3.4 million in the quarter, and accounted for 7.5% of total revenues. The management attributed the 24% drop in exhibition revenues to US$18 million to a shift in timing of trade shows. Exhibition revenues accounted for 39% of the company’s total.

Global Sources also announced results for the nine months ended 30th September. The company’s revenues were US$137 million, down 17% year-on-year. However, net profit attributable to the shareholders in the nine-month period grew 32% to US$28 million. Diluted net income per share was US$0.77.

Global Sources maintained its revenue guidance for the second half of 2013 to be between US$101 million and US$103 million. Revenues for the second half of last year were US$126 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.