Global Sources reports higher earnings, revenue

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New York--Hong Kong-based Global Sources, a b-to-b media company that operates import/export online portals, reported Wednesday that its net income in the first quarter nearly doubled to $2.6 million compared with the first quarter of 2003.

Operating income grew 106% to $3.1 million compared with last year's first quarter. Revenue increased 9% to $23.7 million. Revenue from China increased 19% to $10.3 million and now accounts for 44% of Global Sources' total revenue.

“Our 2004 guidance calls for revenue growth of approximately 19%, and we expect China to represent approximately 50% of total revenue,” Eddie Heng, Global Sources’ CFO, said in a statement.

--Sean Callahan

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