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 99.4% of our net income, compared to the same
period in 2023, which were driven by execution of our strategic
initiatives,” said Gordon Yu, CFO at Globavend.
First Half 2024 Financial
Highlights:
| |
● |
Gross profit was approximately US$1.7 million for the six
months ended March 31, 2024, representing an increase of
approximately 131.7% from approximately US$0.7 million for the same
period in 2023. |
| |
|
|
| |
● |
Net income was approximately US$0.9 million for the six
months ended March 31, 2024, representing an increase of 99.4% from
approximately US$0.5 million for the same period in
2023. |
| |
|
|
| |
● |
Revenue was approximately US$8.4 million for the six months
ended March 31, 2024, representing a decrease of approximately
10.8% from approximately US$9.4 million for the same period in
2023. |
| |
|
|
Six Month Financial Results Ended March
31, 2024
Revenue. Revenue decreased by
approximately 10.8% from approximately US$9.4 million for the six
months ended March 31, 2023 to approximately US$8.4 million for the
six months ended March 31, 2024. During the six-month period ending
on March 31, 2024, the Company experienced a decline in revenue for
its integrated cross-border logistics services compared to the
corresponding period in 2023. This decrease in revenue was
attributed primarily to the implementation of relatively higher
average sales prices by the Company in 2024, which subsequently led
to a decrease in sales demand and volume from customers.
Gross profit. Gross profit
increased by approximately 131.7% from approximately US$0.7 million
for the six months ended March 31, 2023 to approximately US$1.7
million for the six months ended March 31, 2024, which was mainly
attributed to the lower freight costs and higher sales unit
prices.
General and administrative
expenses. General and administrative expenses increased by
approximately 85.6% from approximately US$0.3 million for the six
months ended March 31, 2023 to approximately US$0.5 million for the
six months ended March 31, 2024, which was mainly due to (i)
increase in travelling, accommodation and entertainment expenses
due to increase in travelling for business development following
the removal of travel restriction measures; (ii) increase in audit
fees and (iii) increase in legal fees and other professional
expenses.
Other income (expense), net.
Other net income (expense) decreased by approximately US$0.2
million from other income of approximately US$73,000 for the six
months ended March 31, 2023 to other expense of approximately
US$142,000 for the six months ended March 31, 2024, which was
mainly due to the exchange loss from the depreciation of Australian
dollars during the period of 2024.
Income tax expense. Income tax
expense increased by approximately US$74,000 from approximately
US$66,000 for the six months ended March 31, 2023 to approximately
US$140,000 for the for the six months ended March 31, 2024 which
was due to the increase in tax assessable profit.
Net income. Net income
increased by approximately US$0.5 million from approximately US$0.5
million for the six months ended March 31, 2023 to approximately
US$0.9 million for the six months ended March 31, 2024, which was
mainly due to the increase in gross profit.
Basic and diluted EPS. Basic
and diluted EPS were approximately US$0.06 per ordinary share for
the six months ended March 31, 2024, as compared to US$0.03 per
ordinary share for the six months ended March 31, 2023,
respectively.
About Globavend Holdings
Limited
Globavend Holdings Limited is an emerging
e-commerce logistics provider offering end-to-end logistics
solution in Hong Kong, Australia and New Zealand. The Company’s
customers are primarily enterprise customers, being e-commerce
merchants, or operators of e-commerce platforms, in providing
business-to-consumer (B2C) transactions. As an e-commerce logistics
provider, the Company provides integrated cross-border logistics
services from Hong Kong to Australia and New Zealand, where it
provides customers with a one-stop solution, from pre-carriage
parcel drop off to parcel consolidation, air-freight forwarding,
customs clearance, on-carriage parcel transportation and
delivery.
Exchange Rate Information
The Company uses United State Dollar (“US$”) 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 LimitedMr. Wai Yiu YauTel: +
61 08 6141 3263E-mail: project@globavend.com
GLOBAVEND HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETSAS 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, $0.001 par
value, 50,000,000 shares authorized, 13,125,000 and 14,625,000
shares issued and outstanding as of September 30, 2023 and March
31, 2024, respectively |
|
|
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
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOMEFOR THE SIX
MONTHS ENDED MARCH 31, 2023 AND 2024(US$, except
share data, or otherwise note)
|
|
|
For the six months endedMarch
31, |
|
|
|
|
2023 |
|
|
2024 |
|
|
|
|
US$(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 |
|
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