Globavend Holdings Limited Announces First Half 2024 Unaudited Financial Results
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.
Globavend Holdings (NASDAQ: GVH), un fornitore di servizi logistici per l'e-commerce, ha annunciato i suoi risultati finanziari non verificati per il primo semestre del 2024. Nonostante una riduzione del 10,8% del fatturato a 8,4 milioni di dollari, l'azienda ha riportato una crescita significativa in altri settori:
- Il profitto lordo è aumentato del 131,7% a 1,7 milioni di dollari
- Il reddito netto è aumentato del 99,4% a 0,9 milioni di dollari
- Il risultato per azione, sia base che diluito, è raddoppiato da 0,03 a 0,06 dollari per azione ordinaria
L'azienda attribuisce questi miglioramenti a iniziative strategiche, riduzione dei costi di trasporto e aumento dei prezzi di vendita unitari. Tuttavia, il calo del fatturato è stato causato da un aumento dei prezzi di vendita medi che ha portato a un volume di vendite ridotto. Le spese generali e amministrative sono aumentate dell'85,6% a 0,5 milioni di dollari, principalmente a causa dell'aumento delle spese di viaggio, delle spese di revisione e dei costi legali.
Globavend Holdings (NASDAQ: GVH), un proveedor de servicios logísticos para comercio electrónico, ha anunciado sus resultados financieros no auditados para el primer semestre de 2024. A pesar de una disminución del 10,8% en los ingresos a 8,4 millones de dólares, la empresa reportó un crecimiento significativo en otras áreas:
- El beneficio bruto aumentó un 131,7% a 1,7 millones de dólares
- El resultado neto aumentó un 99,4% a 0,9 millones de dólares
- Las ganancias por acción, tanto básicas como diluidas, se duplicaron de 0,03 a 0,06 dólares por acción ordinaria
La compañía atribuye estas mejoras a iniciativas estratégicas, menores costos de transporte y mayores precios unitarios de venta. Sin embargo, la disminución en los ingresos se debió a un aumento en los precios de venta promedio, lo que llevó a una reducción en el volumen de ventas. Los gastos generales y administrativos aumentaron un 85,6% a 0,5 millones de dólares, principalmente debido al aumento en los gastos de viaje, honorarios de auditoría y costos legales.
Globavend Holdings (NASDAQ: GVH), 전자 상거래 물류 서비스 제공업체가 2024년 상반기 감사 전 재무 결과를 발표했습니다. 수익이 10.8% 감소하여 840만 달러에 달했지만, 회사는 다른 분야에서 상당한 성장을 보고했습니다:
- 총 이익이 131.7% 증가하여 170만 달러
- 순이익이 99.4% 증가하여 90만 달러
- 기본 및 희석 EPS가 두 배로 증가하여 0.03달러에서 0.06달러로 상승했습니다
회사는 이러한 개선을 전략적 이니셔티브, 낮은 운송 비용 및 높은 판매 단가와 관련이 있다고 밝혔습니다. 그러나 수익 감소는 평균 판매 가격 상승으로 인한 판매량 감소로 인한 것입니다. 일반 및 관리 비용은 85.6% 증가하여 50만 달러에 달하며, 이는 주로 여행 비용, 감사 수수료 및 법적 비용 증가에 기인합니다.
Globavend Holdings (NASDAQ: GVH), un fournisseur de services logistiques pour le commerce électronique, a annoncé ses résultats financiers non audités pour le premier semestre 2024. Malgré une baisse de 10,8% des revenus à 8,4 millions de dollars, l'entreprise a signalé une croissance significative dans d'autres domaines :
- Le bénéfice brut a augmenté de 131,7% pour atteindre 1,7 million de dollars
- Le revenu net a augmenté de 99,4% pour atteindre 0,9 million de dollars
- Le bénéfice par action, de base et dilué, a doublé de 0,03 à 0,06 dollars par action ordinaire
L'entreprise attribue ces améliorations à des initiatives stratégiques, à une baisse des coûts de transport et à des prix de vente unitaires plus élevés. Cependant, la diminution des revenus est due à l'augmentation des prix de vente moyens entraînant une baisse du volume des ventes. Les frais généraux et administratifs ont augmenté de 85,6% pour atteindre 0,5 million de dollars, principalement en raison de l'augmentation des frais de voyage, des honoraires d'audit et des coûts juridiques.
Globavend Holdings (NASDAQ: GVH), ein Anbieter von E-Commerce-Logistikdienstleistungen, hat seine nicht prüften Finanzergebnisse für das erste Halbjahr 2024 bekannt gegeben. Trotz eines Rückgangs der Einnahmen um 10,8% auf 8,4 Millionen US-Dollar berichtete das Unternehmen von einem signifikanten Wachstum in anderen Bereichen:
- Der Bruttogewinn stieg um 131,7% auf 1,7 Millionen US-Dollar
- Der Nettogewinn stieg um 99,4% auf 0,9 Millionen US-Dollar
- Das Ergebnis pro Aktie, sowohl unverdünnt als auch verwässert, verdoppelte sich von 0,03 auf 0,06 US-Dollar pro Stammaktie
Das Unternehmen führt diese Verbesserungen auf strategische Initiativen, niedrigere Frachtkosten und höhere Verkaufspreise zurück. Der Rückgang der Einnahmen war jedoch auf höhere durchschnittliche Verkaufspreise zurückzuführen, die zu einem Rückgang des Verkaufsvolumens führten. Allgemeine und Verwaltungskosten stiegen um 85,6% auf 0,5 Millionen US-Dollar, hauptsächlich aufgrund gestiegener Reisekosten, Prüfungsgebühren und Rechtskosten.
- 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
- 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
Insights
Globavend's H1 2024 results present a mixed picture. While revenue declined by
The company's focus on profitability over top-line growth is evident. The significant improvement in gross margin from
Investors should monitor whether Globavend can maintain this margin expansion while rekindling revenue growth in future quarters. The EPS doubling to
Globavend's strategic pivot towards higher pricing is a bold move in the competitive e-commerce logistics sector. While it's boosted short-term profitability, the 10.8% revenue decline signals potential market share erosion. This approach may be unsustainable if competitors maintain lower prices, potentially leading to customer churn.
The company's ability to more than double gross profit despite lower revenue suggests strong cost management and possibly a shift towards higher-value services. However, the 85.6% increase in G&A expenses is concerning and could eat into future profits if not controlled.
The forex loss due to AUD depreciation highlights currency risk exposure. Globavend should consider hedging strategies to mitigate such impacts. Overall, while the profit surge is impressive, the company must balance pricing power with volume growth to ensure long-term success in this dynamic market.
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
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