Global Sources announced its financial results for the year ended 31st December 2015. Revenues from continuing operations in 2015 were US$171.0 million, down 4.6% compared to the US$179.3 million recorded in 2014. Adjusted EBITDA fell to US$30.5 million from US$37.3 million in 2014. Net profits slipped to US$18.8 million in 2015 – down from US$22.5 million in the previous year. IFRS net profit, however, jumped 63% year-on-year to US$29.9 million from US$18.3 million in 2014.
More than half of the revenues were generated from the company’s exhibitions business – amounting to US$92 million. That represents an increase of 3.3% over the previous year. Global Sources’ online business generated about 38% of total revenues (US$64 million) – representing a 15% year-on-year decrease. The revenues were generated from the company’s print business which recorded an 11% decrease – down to US$5.8 million. Another US$8.9 million was categorised as “miscellaneous”.
Earlier this week, Global Sources announced the planned retirement of its CEO, Spenser Au, who will remain as CEO until the end of the year and assist the company in transitioning to a successor.
Source: Business Strategies Group Hong Kong – www.bsgasia.com