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Global Sources reports Q1 profit

Published on .

New York-- Global Sources Ltd., a producer of import and export trade publications and e-commerce Web sites, announced net income of $1 million for the first quarter compared with a net loss of $2.1 million in the same period last year. The profit was posted despite revenues of $21.8 million in the quarter versus revenues of $24.5 million in the first quarter of 2001. Despite declines in revenue from Hong Kong and Taiwan, revenues from the People’s Republic of China grew 11% in the quarter and represented 34% of the company’s revenues. Global Sources has 800 employees in 36 offices in China. “We are particularly pleased with our progress in China, a market that is key to our future growth,” said Global Sources chairman-CEO Merle Hinrichs in a statement.
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