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 Peopleâs Republic of China grew 11% in the quarter and represented 34% of the companyâs revenues. Global Sources has 800 employees in 36 offices in China. âWe are particularly pleased with our progress in China, a market that is key to our future growth,â said Global Sources chairman-CEO Merle Hinrichs in a statement.