Globavend Holdings Limited Announces First Half 2024 Unaudited Financial Results
Rhea-AI Summary
Globavend Holdings (NASDAQ: GVH), an e-commerce logistics services provider, has announced its unaudited financial results for the first half of 2024. Despite a 10.8% decrease in revenue to US$8.4 million, the company reported significant growth in other areas:
- Gross profit increased by 131.7% to US$1.7 million
- Net income rose by 99.4% to US$0.9 million
- Basic and diluted EPS doubled from US$0.03 to US$0.06 per ordinary share
The company attributes these improvements to strategic initiatives, lower freight costs, and higher sales unit prices. However, the revenue decline was due to higher average sales prices leading to decreased sales volume. General and administrative expenses increased by 85.6% to US$0.5 million, mainly due to increased travel expenses, audit fees, and legal costs.
Positive
- Gross profit increased by 131.7% to US$1.7 million
- Net income rose by 99.4% to US$0.9 million
- Basic and diluted EPS doubled from US$0.03 to US$0.06 per ordinary share
- Lower freight costs and higher sales unit prices contributed to improved profitability
Negative
- Revenue decreased by 10.8% to US$8.4 million
- General and administrative expenses increased by 85.6% to US$0.5 million
- Other income of US$73,000 in 2023 turned into an expense of US$142,000 in 2024 due to exchange rate losses
- Income tax expense increased by US$74,000 to US$140,000
News Market Reaction – GVH
On the day this news was published, GVH gained 8.30%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
PERTH, AUSTRALIA, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Globavend Holdings Limited (“Globavend” or the “Company”) (NASDAQ: GVH), an emerging e-commerce logistics services provider, today announced its unaudited financial results for the six months ended March 31, 2024.
“Globavend’s strong first half year results mark the success of our business strategy,” said Frank Yau, CEO at Globavend. “We are pleased with our strategy priorities, which have driven a strong profit for the first half of 2024. We will continue our momentum in the second half of 2024 and onwards.”
“We achieved over a double of our gross profit, and an increase of
First Half 2024 Financial Highlights:
| ● | Gross profit was approximately US | |
| ● | Net income was approximately US | |
| ● | Revenue was approximately US | |
Six Month Financial Results Ended March 31, 2024
Revenue. Revenue decreased by approximately
Gross profit. Gross profit increased by approximately
General and administrative expenses. General and administrative expenses increased by approximately
Other income (expense), net. Other net income (expense) decreased by approximately US
Income tax expense. Income tax expense increased by approximately US
Net income. Net income increased by approximately US
Basic and diluted EPS. Basic and diluted EPS were approximately US
About Globavend Holdings Limited
Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solution in Hong Kong, Australia and New Zealand. The Company’s customers are primarily enterprise customers, being e-commerce merchants, or operators of e-commerce platforms, in providing business-to-consumer (B2C) transactions. As an e-commerce logistics provider, the Company provides integrated cross-border logistics services from Hong Kong to Australia and New Zealand, where it provides customers with a one-stop solution, from pre-carriage parcel drop off to parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation and delivery.
Exchange Rate Information
The Company uses United State Dollar (“US$”) as its reporting currency. The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency.
Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operations and comprehensive income.
The exchanges rates used for translation from Hong Kong dollar to USD was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s balance sheets, income statement items and cash flow items for 2023 and 2024.
Forward-Looking Statement
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 20-F for the year ended September 30, 2023, which is on file with the SEC and are available on our investor relations website at https://ir.globavend.com/ and on the SEC website at www.sec.gov. Additional information will also be set forth in our Current Report on Form 6-K for the half year ended March 31, 2024, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of September 19, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
Australia
Globavend Holdings Limited
Mr. Wai Yiu Yau
Tel: + 61 08 6141 3263
E-mail: project@globavend.com
GLOBAVEND HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2023 AND MARCH 31, 2024
(US$, except share data, or otherwise note)
| September 30, 2023 | March 31, 2024 | |||||||
| US$ | US$ | |||||||
| (audited) | (unaudited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 554,132 | $ | 2,549,766 | ||||
| Accounts receivable, net | 1,429,299 | 726,383 | ||||||
| Deposits and prepayment | 17,566 | 1,072,348 | ||||||
| Prepayment – related party | 169,834 | 32,721 | ||||||
| Deferred costs | 1,306,441 | 300,000 | ||||||
| Contract assets | 543,838 | 452,031 | ||||||
| Total current assets | $ | 4,021,110 | $ | 5,133,249 | ||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant, equipment, net | $ | 13,274 | $ | 18,043 | ||||
| Right-of-use assets, operating lease | 119,881 | 100,039 | ||||||
| Deposits | 320,513 | 783,487 | ||||||
| Total non-current assets | $ | 453,668 | $ | 901,569 | ||||
| TOTAL ASSETS | $ | 4,474,778 | $ | 6,034,818 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 2,601,253 | $ | 520,615 | ||||
| Accounts payable – related party | - | 261,770 | ||||||
| Other payables and accrued liabilities | 1,096,016 | 646,197 | ||||||
| Taxes payables | 155,210 | 140,756 | ||||||
| Operating lease liabilities - current | $ | 39,886 | 40,723 | |||||
| Total current liabilities | $ | 3,892,365 | $ | 1,610,061 | ||||
| Non-current liabilities | ||||||||
| Operating lease liabilities – non-current | 80,237 | 59,730 | ||||||
| Total non-current liabilities | $ | 80,237 | $ | 59,730 | ||||
| TOTAL LIABILITIES | $ | 3,972,602 | $ | 1,669,791 | ||||
| Commitments | - | - | ||||||
| EQUITY | ||||||||
| Ordinary shares, | 13,125 | 14,625 | ||||||
| Subscription receivable | (13,125 | ) | (13,125 | ) | ||||
| Additional paid-in capital | 128,205 | 3,090,761 | ||||||
| Retained earnings | 373,971 | 1,272,766 | ||||||
| Total shareholders’ equity | $ | 502,176 | $ | 4,365,027 | ||||
| TOTAL LIABILITIES AND EQUITY | $ | 4,474,778 | $ | 6,034,818 | ||||
GLOBAVEND HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED MARCH 31, 2023 AND 2024
(US$, except share data, or otherwise note)
| For the six months ended March 31, | ||||||||
| 2023 | 2024 | |||||||
| US$ (unaudited) | US$ (unaudited) | |||||||
| Revenue – third parties | $ | 9,400,570 | $ | 8,384,790 | ||||
| Revenue | 9,400,570 | 8,384,790 | ||||||
| Cost of revenue - third parties | 5,297,399 | 4,007,266 | ||||||
| Cost of revenue – related party | 3,387,398 | 2,719,028 | ||||||
| Cost of revenue | 8,684,797 | 6,726,294 | ||||||
| Gross Profit | 715,773 | 1,658,496 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses | 272,113 | 505,105 | ||||||
| Total operating expenses | $ | 272,113 | $ | 505,105 | ||||
| Income from operations | $ | 443,660 | $ | 1,153,391 | ||||
| Other income (expense): | ||||||||
| Interest income | 745 | 29,323 | ||||||
| Interest expense | (557 | ) | (1,612 | ) | ||||
| Other income (expense) | 73,158 | (142,178 | ) | |||||
| Total other income (expense) | 73,346 | (114,467 | ) | |||||
| Income before income taxes | $ | 517,006 | $ | 1,038,924 | ||||
| Income taxes provision | 66,198 | 140,129 | ||||||
| Net income attributable to Globavend Holdings Limited | $ | 450,808 | $ | 898,795 | ||||
| Comprehensive income | $ | 450,808 | $ | 898,795 | ||||
| Earnings per share - Basic and diluted | $ | 0.03 | $ | 0.06 | ||||
| Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding* | 13,125,000 | 14,295,330 | ||||||
FAQ
What was Globavend Holdings' (GVH) revenue for the first half of 2024?
How much did Globavend's (GVH) net income increase in the first half of 2024?
What was Globavend's (GVH) earnings per share (EPS) for the first half of 2024?
Why did Globavend's (GVH) revenue decrease in the first half of 2024?
