China's trade boom lifts Global Sources quarter to US$10m

PUBLISHED : Wednesday, 12 November, 2003, 12:00am
UPDATED : Wednesday, 12 November, 2003, 12:00am
 

The mainland's trade boom has lifted Global Sources China revenue by 22 per cent to US$10.2 million in the third quarter, accounting for 44 per cent of the Nasdaq-listed company's total revenue.


Global Sources, a facilitator of international trade, reported total revenue of US$23 million for the third quarter, slightly down from US$23.3 million in the same period last year.


Chairman Merle Hinrichs said: 'We've been facilitating two-way trade with mainland China for more than 20 years, and have developed an extensive network of representatives and relationships through our more than 900 team members in 43 offices throughout the country.


'Our continued revenue growth in China, coupled with our careful management of expenses, led to the large increase in profitability.'


Global Sources' net income doubled to US$2.1 million in the third quarter from the year-earlier period.


Last month, Global Sources held its first trade show for the Greater China and Asia export market, focusing on sourcing and electronic components, Mr Hinrichs said.


The trade fair, held in Shanghai, had nearly 600 booths and more than 15,000 buyers from 106 countries attended.


Global Sources generated US$1.3 million from the fair, which would be recognised as revenue for the fourth quarter, he said.


Next year, Global Sources will host six more trade fairs in Shanghai, catering for electronics and components, gifts and home products, DIY (do-it-yourself) and home improvement products.


'Shanghai is hot, and becoming an Asian sourcing hub,' Mr Hinrichs said.


SHANGHAI HIGH


Global Sources held a trade fair in Shanghai last month


The fair had nearly 600 booths and more than 15,000 buyers


The company generated


US$1.3 million from the fair


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