China-focused business e-commerce company Global Sources Ltd. has taken a year-on-year revenue hit of 14% as it today reported financial results for the first quarter ended March 31, 2009.
Global Sources' total revenue for the first quarter of 2009 was USD34.8 million, down 14% from USD40.6 million in the first quarter of 2008. While online revenue remained steady year-on-year at USD22.0 million for each period, exhibitions-related revenue was USD4.5 million, down 25% from the previous year, and print-related revenue was USD7.5 million, down 35% from USD11.6 million in the first quarter last year.
Of the company's total revenue, revenue from mainland China was USD23.4 million in the first quarter of 2009, down 3% from USD24.1 million in the same quarter in 2008.
The global financial crisis has negatively impacted Global Sources' profitability. The B2B company's GAAP net income was USD1.2 million in the first quarter of 2009, a dramatic plunge from USD8.2 million in the first quarter of 2008.