WORLD - NASDAQ-listed US organiser Global Sources, a specialist in Asian events has reported a rise in its Q2 exhibitions portfolio revenue to US$33.3m, up from $30.5m in 2012.
In its interim management statement for the second quarter ending 30 June, the group reported revenue had dropped to $61.4m from $66.6m in 2012.
The exhibitions revenue was reported to be the only portfolio to have risen in Q2, compared to 2012. Online and print revenue dropped to $22.7m and $3.5m from $30m and $4.4m respectively.
Global Sources’ executive chairman, Merle A Hinrich (pictured) said the soft export demand and uncertain global economic environment continued to impact the group’s overall results, following the slow start to 2013 in its Q1 results.
“Among the factors impacting second quarter results was the move of the China Sourcing Fairs in Miami from the third quarter last year to the second quarter this year,” said Global Sources’ CFO Connie Lai.
“We completed the sale of one of our properties in Shenzhen, which increased our cash by $15m, and contributed capital gains of $8.7m, net of transaction costs and related tax expenses.” As a result, the group closed the quarter with a cash and securities position of $135.1m, as compared to $106.0m at the end of June 2012.
The group expects the revenue for the second half of 2013 to be at 51 per cent for exhibitions, six per cent for print, and 40 per cent for online. “This compares to a second half 2012 revenue mix of approximately 46 per cent for online, 44 per cent for exhibitions, and seven per cent for print,” said Lai.
Global Sources recently reported a rise in Chinese trade in South America.
“With our balance sheet providing a strong foundation, we remain committed to maintaining long-term growth and profitability, as we focus on the continuous improvement of our products and services, and our overall positioning in the market,” said Hinrich.
Global Sources is launching a new mobile and wireless show at its China Sourcing Fair in April 2014, due to growing industry demand claims.
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