Global Sources Q3 Profit Down; Reaffirms HY Outlook - Quick Facts

(RTTNews) - Global Sources Ltd. (GSOL) reported that its third quarter of 2013 IFRS Net profit attributable to shareholders was $5.4 million, or $0.15 per share, down from $8.2 million, or $0.23 per share in third quarter 2012.

Non-IFRS net income was $6.1 million, or $0.17 per share, compared to $9.1 million, or $0.25 per share, for the third quarter of 2012.

Adjusted EBITDA was $11.0 million, as compared to $15.3 million for the third quarter of 2012.

Revenue was $44.8 million, down from $59.1 million last year.

The company said it reaffirmed its guidance. For the second half of 2013, it expects the revenue mix to range between 40% and 41% for online, 50% and 51% for exhibitions, 5% and 6% for print, and approximately 3% for miscellaneous. This compared to a second half 2012 revenue mix of approximately 46% for online, 44% for exhibitions, 7% for print and 3% for miscellaneous.

For the second half of 2013 ending December 31, 2013: Revenue is expected to be in the range of $101.0 million to $103.0 million, as compared to $126.0 million for the second half of 2012. IFRS earnings per share is expected to be in the range of $0.32 to $0.36, as compared to $0.54 per share in the second half of 2012. Non-IFRS earnings per share is expected to be in the range of $0.36 to $0.40, as compared to $0.63 per share for the same period in 2012. Adjusted EBITDA is expected to be between $19.7 million and $20.9 million, as compared to $29.7 million in the second half of 2012.