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Exhibit 1

YEAR 2001 / 3RD QUARTER
RESULTS OF OPERATIONS
OF GLOBAL SOURCES LTD.

THE FOLLOWING DISCUSSION OF OUR FINANCIAL CONDITION AND RESULTS OF
OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE ACCOMPANYING FINANCIAL
STATEMENTS. THE FOLLOWING DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT
REFLECT OUR PLANS, ESTIMATES AND BELIEFS. OUR ACTUAL RESULTS COULD DIFFER
MATERIALLY FROM THOSE DISCUSSED IN THESE FORWARD-LOOKING STATEMENTS. FACTORS
THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED
TO, THOSE DISCUSSED BELOW.

BACKGROUND

We are a leading enabler of global merchandise trade. Our business
began in 1971 in Hong Kong when we launched ASIAN SOURCES, a magazine to serve
global buyers importing products in volume from Asia. We then became one of the
first business-to-business online marketplaces by launching ASIAN SOURCES ONLINE
in 1995. At that time, we began repositioning our trade magazines to play a
supportive, educational and promotional role to accelerate the shift of our
customers to our e-commerce services. In 1999, we expanded our scope to include
global suppliers and changed the name of our online marketplace to GLOBAL
SOURCES ONLINE.

Our online marketplace services allow international buyers to identify
suppliers and products, and enable suppliers to market their products to a large
number of buyers. Our primary online service is creating and maintaining
Marketing Websites that present suppliers' product and company information in a
consistent, easily searchable manner on GLOBAL SOURCES ONLINE. We also offer
cataloguing services for buyers and suppliers. Private Buyer Catalogs enable
buyers to maintain customized information from current and potential suppliers.
Private Supplier Catalogs are password-protected online environments where
suppliers can develop and maintain their own product and company data.
Complementing these services are various trade magazines and CD-ROMs.

We were originally incorporated under the laws of Hong Kong in 1970. We
completed a share exchange with a publicly traded company based in Bermuda in
financial year 2000, and our shareholders became the majority shareholders of
the Bermuda Corporation. As a result of the share exchange, we are now
incorporated under the laws of Bermuda and have changed our name to Global
Sources Ltd in financial year 2000.

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OVERVIEW

We derive revenue from three principal activities.

ONLINE MARKETPLACE SERVICES--Our principal online marketplace services
are Marketing Websites, where suppliers present their products and capabilities
on GLOBAL SOURCES ONLINE. We also derive revenue from banner advertising and
placement fees. We ratably recognize the fees we receive to display a supplier's
goods or company data over the contractual term, which is generally six to 12
months.

TRANSACTION SOFTWARE AND SERVICES--Currently, customers typically pay a
one-time fee for a perpetual license to use our GLOBAL SOURCES TRANSACT
software. License fees are based on the number of sites and users for the
software product and also include post-contract customer support services for
one year. We recognize license fees upon delivery of the software and when no
significant obligations remain. Post contract customer support revenue is
deferred and recognized ratably over the maintenance period.

COMPLEMENTARY MEDIA SERVICES--Suppliers pay for advertising in our
trade magazines to promote their products and companies. Generally, we publish
our trade magazines monthly. We recognize revenue ratably over the period in
which the advertisement is displayed, generally not exceeding one year. We also
derive revenue from buyers that subscribe to our trade publications.

Revenue from other sources primarily relates to organizing business
seminars and exhibitions. We recognize revenue at the conclusion of these
events.

Our sales costs consist of the commissions we pay to our independent
sales representatives, as well as support fees for processing sales contracts
and incentive payments. These representatives obtain content for our Marketing
Websites and trade magazines, sell our software and receive a commission as a
percentage of the revenue generated.

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RESULTS OF OPERATIONS

The following table sets forth our results of operations:

THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------ ------------------------
2000 2001 2000 2001
----------- ----------- ----------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)

REVENUES:
Online marketplace services ....... $ 15,242 $ 14,020 $ 40,371 $ 43,220
Transaction software and services . 332 78 572 248
Complementary media services ...... 9,951 9,031 33,712 26,774
Other ............................. 1,412 1,025 3,367 3,377
--------- --------- --------- ---------
26,937 24,154 78,022 73,619

OPERATING EXPENSES:
Sales ............................. 8,799 8,450 26,997 26,411
Circulation ....................... 3,356 2,761 9,547 8,883
General and administrative ........ 9,200 7,783 25,455 26,083
Online services development ....... 1,538 1,677 3,561 6,989
Non-cash compensation expense ..... 55,275 494 65,608 1,965
Other non-cash expenses ........... 92 869 1,631 2,607
--------- --------- --------- ---------
TOTAL OPERATING EXPENSES ............ 78,260 22,034 132,799 72,938
--------- --------- --------- ---------
INCOME/(LOSS) FROM OPERATIONS ....... (51,323) 2,120 (54,777) 681
========= ========= ========= =========

--------- --------- --------- ---------
NET INCOME/(LOSS) ................... $ (51,922) $ 799 $ (55,287) $ (1,214)
========= ========= ========= =========

INCOME/(LOSS) FROM OPERATIONS:
Online marketplace services ....... $ (25,430) $ 3,335 (24,928) $ 8,464
Transaction software and services.. (344) (1,456) (631) (7,054)
Complementary media services ...... (23,856) 63 (27,364) (1,254)
Other ............................. (1,693) 178 (1,854) 525
--------- --------- --------- ---------
CONSOLIDATED ........................ $ (51,323) $ 2,120 $ (54,777) $ 681
========= ========= ========= =========

The following table represents our revenue by geographical areas:

THREE MONTHS ENDED NINE MONTHS ENDED
--------------------------- ---------------------------
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2001 2000 2001
------------- ------------- ------------- -------------

Asia .............................. $ 25,096 $ 22,461 $ 72,755 $ 68,265
United States ..................... 1,414 1,318 3,900 4,124
Europe ............................ 256 235 836 699
Others ............................ 171 140 531 531
--------- --------- --------- ---------
TOTAL REVENUE ..................... $ 26,937 $ 24,154 $ 78,022 $ 73,619
========= ========= ========= =========

</Table>

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CONSOLIDATED RESULTS

REVENUE. Our online marketplace services revenue declined from $15.2
million during the three months ended September 30, 2000 to $14.0 million during
the three months ended September 30, 2001, a decline of 8%. Our complementary
media services revenue declined from $10.0 million during the three months ended
September 30, 2000 to $9.0 million during the three months ended September 30,
2001, a decrease of 10%. The decrease was attributable to the effect of the slow
down in the US economy. Total revenue declined by 10% from $26.9 million during
the three months ended September 30, 2000 to $24.2 million during the three
months ended September 30, 2001, due mainly to the effect of the slow down in
the US economy.

During the nine months ended September 30, 2001, our online marketplace
services revenues increased despite the effects of slow down in US economy by
$2.8 million or 7% to $43.2 million as compared with $40.4 million in the
corresponding period last year, as a result of our increased sales efforts and
the continuing acceptance by our clients of Global Sources online marketplace
services as a way of conducting export trade. Revenues in our complementary
media services declined by $6.9 million or 20% to 26.8 million during the nine
months ended September 30, 2001 as compared with $33.7 million during the
corresponding period last year, as a result of our on-going emphasis on online
marketplace services. Total revenues for the nine months ended September 30,
2001 were $73.6 million compared with $78.0 million for the nine months ended
September 30, 2000, a decline of $4.4 million or 6% mainly due to the effect of
the slow down in the US economy.

OPERATING EXPENSES

SALES. Sales costs consist of the commissions paid and incentives
provided to our independent sales representatives and sales support costs. Sales
costs declined from $8.8 million during the three months ended September 30,
2000 to $8.5 million during the three months ended September 30, 2001, a decline
of 3% due mainly to the decline in revenue.

Sales costs declined from $27.0 million during the nine months ended
September 30, 2000 to $26.4 million during the nine months ended September 30,
2001, a decline of 2% due to the decline in revenue offset partially by the
increase in sales support costs in the first quarter of 2001.

CIRCULATION. Circulation costs consist of the costs relating to our
trade magazine publishing business, specifically printing, paper, bulk
circulation, subscription promotions and customer services costs. Circulation
costs declined from $3.4 million during the three months ended September 30,
2000 to $2.8 million during the three months ended September 30, 2001, a decline
of 18% due mainly to reduction in magazine mailing costs, printing costs and
subscription promotion expenses.

Circulation costs declined from $9.5 million during the nine months
ended September 30, 2000 to $8.9 million during the nine months ended September
30, 2001 a decline of 6% due to reduction in subscription promotions cost and
magazine mailing costs.

GENERAL AND ADMINISTRATIVE. General and administrative costs consist
mainly of corporate staff compensation, information and technology support
services, content management services, marketing costs, office rental,
depreciation, communication and travel costs. General and administrative costs
declined from $9.2 million during the three months ended September 30, 2000 to
$7.8 million during the three months ended September 30, 2001, a decline of 15%,
due mainly to reductions in content management services costs, marketing
expenses and in travel costs.
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General and administrative costs increased from $25.5 million during
the nine months ended September 30, 2000 to $26.1 million during the nine months
ended September 30, 2001, an increase of 2% due to increase in information and
technology support costs, marketing promotions costs associated with exhibitions
activity, fees paid for professional services and the retrenchment costs
associated with a planned reduction in headcount during the first half of the
year.

DEVELOPMENT COSTS. Development costs consist mainly of payroll costs,
office rental and depreciation relating to the development of GLOBAL SOURCES
ONLINE, Private Buyer Catalogs and Private Supplier Catalogs. Development costs
to fund the expansion of our online marketplace services increased from $1.5
million during the three months ended September 30, 2000 to $1.7 million during
the three months ended September 30, 2001, an increase of 13%. This increase
resulted from our efforts to continue to enhance our online marketplace
services.

Development costs to fund the expansion of our online marketplace
services increased from $3.6 million during the nine months ended September 30,
2000 to $7.0 million during the nine months ended September 30, 2001, an
increase of 94%. This increase resulted from our efforts to continue to enhance
our online marketplace services.

NON-CASH COMPENSATION EXPENSES. The Company has issued share awards
under a variety of equity compensation plans [ECP] to both employees and team
members. The total non-cash compensation expense, resulting from the ECP plans,
recorded by the company during the three months and nine months ended September
30, 2001 were $0.5 million and $2.0 million respectively.

OTHER NON-CASH EXPENSES. Other non-cash expenses consist of
amortization of intangibles, software development costs and for the nine months
ended September 30, 2000, include the listing expenses incurred in connection
with our share exchange.

Other non-cash expenses during the three months ended September 30,
2001, were $0.9 million, consisting of $0.8 million amortization of software
development cost and $0.1 million for amortization of intangibles compared to
$0.1 million for the three months ended September 30, 2000 for amortization
of intangibles.

Other non-cash expenses during the nine months ended September 30, 2001
were $2.6 million consisting of $2.3 million amortization of software
development cost and $0.3 million for amortization of intangibles compared to
$1.6 million for the nine months ended September 30, 2000 consisting of $1.3
million for listing expenses and $0.3 million for amortization of intangibles.

INCOME FROM OPERATIONS. Income from operations for online marketplace
services grew to $3.3 million during three months ended September 30, 2001 from
a loss of $25.4 million during three months ended September 30, 2000, an
improvement of 113%. The improvement is mainly attributable to reduction in
non-cash compensation expenses off-set partially by reduction in online
marketplace services revenue. The total income from operations during three
months ended September 30, 2001 was $2.1 million as compared to a loss of $51.3
million during the corresponding period of 2000. The improvement was mainly due
to reduction in non-cash compensation expenses, off-set partially by decline in
total revenue and increase in online services development costs and amortization
of software development costs.

Income from operations for online marketplace services grew to $8.4
million during nine months ended September 30, 2001 from a loss of $24.9
million during the nine months ended September 30, 2000, an improvement of
134%. The improvement is mainly attributable to growth in online marketplace
services revenue and the reduction in non-cash compensation expenses compared
to the first nine months of last year, off-set partially by increase in
online services development costs and general administrative costs. The total
income from operations during nine months ended September 30, 2001 was $0.7
million compared to a loss of $54.8 million during the corresponding period
of 2000. The improvement was mainly due to reduction in non-cash compensation
expenses, off-set partially by reduction in total revenue, increase in online
services development costs, general administrative costs and amortization of
software development cost.

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WRITE-DOWN OF INVESTMENT. Based on current economic events and other
factors, during the nine months ended September 30, 2001, we recorded a $1.2
million expense for a write down in our investment in an unaffiliated electronic
commerce company.

INCOME TAXES. We reported a tax provision of $0.3 million during the
three months ended September 30, 2001 as well as for the three months ended
September 30, 2000.

We reported a tax provision of $0.9 million during the nine months
ended September 30, 2001 and as well as for the nine months ended September 30,
2000.

The company and certain of its subsidiaries operate in the Cayman
Islands and other jurisdictions where there are no taxes imposed on companies.
Certain of the Company's subsidiaries operate in Hong Kong and Singapore and are
subject to income taxes in their respective jurisdictions. Also, the Company is
subject to withholding taxes for revenues earned in certain other countries.

NET INCOME. Net income was $0.8 million during the three months ended
September 30, 2001, as compared to net loss of $51.9 million during the three
months ended September 30, 2000. This improvement was due mainly to reduction in
non-cash compensation expenses, off-set partially by reduction in revenue,
amortization of software development cost of $0.8 million, increase in online
services development costs and $0.9 million write-down of investment in an
unaffiliated electronic commerce company.

Net loss was $1.2 million during the nine months ended September 30,
2001, compared to a net loss of $55.3 million during the nine months ended
September 30, 2000. The improvement was due mainly to reduction in non-cash
compensation expenses, off-set partially by reduction in revenue, increase in
online services development costs, general administrative expenses, amortization
of software development costs and write-down of investment in an unaffiliated
electronic commerce company.

LIQUIDITY AND CAPITAL RESOURCES

We finance our activities using cash generated from our operations,
supplemented by borrowings from a short-term bank loan, as necessary.

Net cash generated from operating activities was $9.6 million during
the first nine months of 2001 and $7.3 million during the first nine months of
year 2000. The primary source of cash from operating activities was net loss as
adjusted by non-cash expenses and changes in working capital.

Net cash used for investing activities was $3.3 million during the
first nine months of year 2001 which was used principally for capital
expenditures for computers, software and furniture and fixtures. Net cash used
for investing activities in the first nine months of year 2000 was $22.4
million, of which $9.7 million was used for the capital expenditure on computers
and software and $13.0 million for investment in unaffiliated electronic
commerce companies.
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Net cash used for financing activities was $2.8 million in the first
nine months of year 2001, which resulted from $3.0 million repayment of
short-term loan, off-set partially by share application money received from a
director. Net cash generated from financing activities was $15.3 million in the
first nine months of year 2000, resulting from the short term borrowings and
$6.0 million capital contributed by minority shareholder in a joint venture.

On March 13, 2001, we renewed the credit facility with Bank of
Bermuda (Isle of Man) Limited for a further twelve month period under the
same terms and conditions. The credit facility has a term of one year and
provides a borrowing facility of up to $25.0 million, which may be drawn in
tranches of a minimum of US $1.0 million. The lender may request that we
secure our borrowings under the credit facility. The credit facility bears
interest, payable quarterly in arrears, at the London Inter-Bank Market Rate
plus 0.5%. The credit facility can be used for investments, working capital
and general corporate purposes. Our principal shareholder, Hung Lay Si Co.
Ltd., has guaranteed all of the obligations under the credit facility. As of
September 30, 2001, we had drawn $1.0 million under the credit facility as
compared to $9.3 million drawn as of September 30, 2000.

Advance payments received from customers were $16.8 million as of
September 30, 2001 and $15.9 million as at December 31, 2000, improving our
liquidity. We anticipate that cash on hand, cash generated from operations and
short-term bank borrowings will be adequate to satisfy our working capital,
capital expenditure requirements and cash commitments based on our current
levels of operation.

RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board issued SFAS
No. 141, "Business Combinations", which addresses financial accounting and
reporting for business combinations and SFAS No. 142, "Goodwill and Other
Intangible Assets", which addresses financial accounting and reporting for
acquired goodwill and other intangible assets. SFAS No. 141 is effective for
all business combinations accounted for using the purchase method for which
the date of acquisition is July 1, 2001 or later as well as to all business
combinations initiated after June 30, 2001. SFAS No. 142 is effective for all
fiscal years beginning after December 15, 2001. The adoption of SFAS No. 141
and SFAS No. 142 is not expected to have a material effect on the Company's
results of operations, financial position or cash flows.

In July 2001, Financial Accounting Standards Board issued SFAS No. 143,
"Accounting for Asset Retirement Obligations", which addresses financial
accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated asset retirement costs. SFAS No.
143 is effective for fiscal years beginning after June 15, 2002. The adoption of
SFAS No. 143 is not expected to have a material effect on the company's results
of operations, financial position or cash flows.

In August 2001, Financial Accounting Standards Board issued SFAS No.
144, "Accounting for the Impairment or Disposal of Long-lived Assets", which
addresses the accounting and reporting for the impairment or disposal of
long-lived assets. SFAS No. 144 is effective for fiscal years beginning after
December 15, 2001. The adoption of SFAS No. 144 is not expected to have a
material effect on the Company's results of operations, financial position or
cash flows.
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QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

We operate internationally and foreign exchange rate fluctuations may
have a material impact on our results of operations. Historically, currency
fluctuations have been minimal on a year to year basis in the currencies of the
countries where we have operations. As a result, foreign exchange gain or losses
in revenues and accounts receivable have been offset by corresponding foreign
exchange losses or gains arising from expenses. However, during the Asian
economic crisis of 1997 to 1998, both advertising sales and the value of Asian
currencies declined, which caused a significant decline in revenues that was not
fully offset by lower expense levels in Asian operations.

This decline in revenues occurred due to contracts being denominated
and priced in foreign currencies prior to devaluations in Asian currencies. The
conversion of these contract proceeds to U.S. dollars resulted in losses and
reflects the foreign exchange risk assumed by us between contract signing and
the conversion of cash into U.S. dollars. We believe this risk is mitigated
because historically a majority (ranging between 55% to 65%) of our revenues are
denominated in U.S. dollars or are received in the Hong Kong currency which is
currently pegged to the U.S. dollar. To the extent significant currency
fluctuations occur in the New Taiwan dollar or other Asian currencies, or if the
Hong Kong dollar is no longer pegged to the U.S. dollar, our profits would be
affected.

As of September 30, 2001, we have not engaged in foreign currency
hedging activities.