Global Sources reports lower revenue, higher profit

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New York--Global Sources Ltd., which operates international portal, reported reduced revenue but increased income for the second quarter. Revenue for the quarter totaled $21.2 million, down from $23.9 million a year earlier. Net income was $970,000, up from $73,000. “In spite of continued economic weakness, Global Sources has been able to maintain a stable level of revenue and profitability since the first quarter,” said chairman-CEO Merle Hinrichs. “We believe this is due to continued strengthening of our leadership position, especially in China where our revenue increased by 8%.” Hinrichs also credited cost reductions for the company’s improved income performance.
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