Global Sources Reports Strong Results in Q3
November 21, 2011
NASDAQ-listed Global Sources released its third quarter results ended Sept. 30 this week. The company reported revenues were US$47 million, an increase of 19 percent, compared with the same quarter in 2010. Net profit attributable to shareholders was US$3.96 million in the quarter, an impressive growth of 90 percent, compared with the third quarter of 2010.
Online revenues of US$30 million were recorded this quarter, an increase of 22 percent, while exhibitions revenues jumped 17 percent to US$9 million. Print revenue grew 9.1 percent to US$6.3 million in the quarter. Revenues from mainland China were US$37.5 million, up 22 percent, compared with the US$30.7 million recorded last year.
For the nine months ended Sept. 30, the company’s revenues were US$151 million, a year-on-year increase of 13 percent. Net profit attributable to shareholders in the period was US$18 million, a growth of 26 percent, compared with last year. The diluted net income per share was US$0.50 in the first nine months of 2011.
Global Sources’ executive chairman, Merle A. Hinrichs, said, “Over the past few years, we have led the market by taking exhibitors to key sourcing hubs in Africa, India, the Middle East and Latin America. In the third quarter, we launched a very successful show in Miami focused on the Latin American market. Most recently, we have announced plans to launch China Sourcing Fairs in Brazil during 2012. As a result of all of these initiatives, we have expanded the quality and quantity of our buyer communities in those regions to the benefit of all of our advertisers and exhibitors.”
Global Sources also issued guidance for the second half of 2011 forecasting revenues between US$115 million and US$117 million, which would be a 12 percent-14 percent increase, compared with the revenues of the second half of 2010 (US$102.5 million).
Partner Voices
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.
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