New York—Global Sources Ltd. Wednesday reported its third-quarter revenue increased 3% to $23.7 million compared with the same quarter last year.
The company said its operating income increased 59% to $3.5 million and that net income increased 52% to $3.0 million. Revenue from China accounted for 43% of Global Sources’ total revenue.
Global Sources Chairman-CEO Merle A. Hinrichs said the growth in profits was strong but revenue growth was weak. "We are not satisfied with the modest top-line growth," Hinrichs said in a statement. "The tremendous booth sales success for our China Sourcing Fairs required more energy from our sales organization than we anticipated and, as a result, print and online revenue were below expectations. Since then, we have refocused our sales force."