Core Viewpoint - Globavend Holdings Limited reported strong financial results for the first half of 2024, highlighting the effectiveness of its business strategy, with significant increases in gross profit and net income despite a decline in revenue compared to the previous year [2][3]. Financial Performance - Gross profit for the six months ended March 31, 2024, was approximately US$1.7 million, representing an increase of approximately 131.7% from approximately US$0.7 million for the same period in 2023 [3][6]. - Net income for the same period was approximately US$0.9 million, reflecting a 99.4% increase from approximately US$0.5 million in the prior year [3][10]. - Revenue decreased to approximately US$8.4 million, down approximately 10.8% from approximately US$9.4 million for the same period in 2023, attributed to higher average sales prices leading to reduced sales demand [4][5]. Cost and Expenses - General and administrative expenses increased by approximately 85.6% to approximately US$0.5 million, primarily due to higher travel, accommodation, and entertainment expenses, as well as increased audit and legal fees [7]. - Other net income (expense) shifted from an income of approximately US$73,000 in 2023 to an expense of approximately US$142,000 in 2024, mainly due to exchange losses from the depreciation of the Australian dollar [8]. Taxation - Income tax expense rose by approximately US$74,000 to approximately US$140,000 for the six months ended March 31, 2024, due to an increase in tax assessable profit [9]. Earnings Per Share - Basic and diluted earnings per share were approximately US$0.06 for the six months ended March 31, 2024, compared to US$0.03 for the same period in 2023 [11].

Core Viewpoint - Globavend Holdings Limited has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement for its ordinary shares, but the listing remains unaffected for now [1][2]. Group 1: Compliance and Listing Status - The company is currently not in compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market [1]. - The company has a compliance deadline of 180 days, until February 12, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for ten consecutive business days [1]. - The notice does not have an immediate effect on the trading of the company's ordinary shares, which continue to trade under the symbol "GVH" [2]. Group 2: Company Overview - Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solutions in Hong Kong, Australia, and New Zealand [3]. - The company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions [3]. - The logistics services provided include pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery [3].

PERTH, AUSTRALIA, July 09, 2024 (GLOBE NEWSWIRE) -- Globavend Holdings Limited (Nasdaq: GVH) (the "Company" or "Globavend"), an emerging e-commerce logistics provider, today announced the inclusion of New Zealand Post (NZ Post) as one of its last-mile delivery suppliers in New Zealand. Wai Yiu Yau, CEO of Globavend, commented, "We are delighted to welcome NZ Post as one of our last-mile delivery suppliers in New Zealand. NZ Post's extensive experience and established reputation in postal and delivery servic ...

Strategic acquisition intended to enhance the company's business presence in Australia PERTH, AUSTRALIA, May 29, 2024 (GLOBE NEWSWIRE) -- Globavend Holdings Limited (Nasdaq: GVH) (the "Company" or "Globavend"), an emerging e-commerce logistics provider, today announced it has entered into a non-binding Memorandum of Understanding ("MOU") to make an equity investment in Top Logistics Australia Pty Ltd ("Top Logistics"), a key one stop logistics solutions provider in Australia. Under the MOU, the Company woul ...

Core Viewpoint - Globavend Holdings Limited has entered into a non-binding Memorandum of Understanding to invest in Top Logistics Australia Pty Ltd, aiming to enhance its business presence in Australia and capitalize on the growing e-commerce market [1][3]. Company Overview - Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solutions in Hong Kong, Australia, and New Zealand, primarily serving enterprise customers in B2C transactions [4]. Market Context - The 2024 Australian Post eCommerce Industry Report indicates that 80% of Australian households shopped online in 2023, with 9.5 million households receiving parcels. Australians spent AUD 63.6 billion (approximately USD 42.4 billion) on online shopping in 2023 [3]. Target Company Overview - Top Logistics Australia Pty Ltd is a full-service logistics provider based in Sydney, with warehouses in Sydney, Melbourne, and Brisbane, covering over 15,000 square meters. It specializes in various logistics services, including sea and air freight, customs clearance, and warehousing [2].

Revenue Performance - Revenue decreased by $5,434,668, or 22.6%, from $24,021,196 in 2022 to $18,586,528 in 2023, primarily due to declines in integrated cross-border logistics and air freight forwarding services [390]. - Revenue from integrated cross-border logistics services decreased by $2,571,643, or 13.2%, from $19,444,182 in 2022 to $16,872,539 in 2023, attributed to higher average sales prices reducing demand [391]. - Revenue from air freight forwarding services decreased by $2,863,025, or 62.6%, from $4,577,014 in 2022 to $1,713,989 in 2023, due to a focus on high unit price sales reducing volume [392]. - Revenue increased by $10,765,116, or 81.2%, from $13,256,080 for the year ended September 30, 2021 to $24,021,196 for the year ended September 30, 2022 [419]. - Revenue from integrated cross-border logistics services increased by $7,450,850, or 62.1%, from $11,993,332 for the year ended September 30, 2021 to $19,444,182 for the year ended September 30, 2022 [420]. Cost and Expenses - Cost of revenue decreased by $5,934,377, or 26.2%, from $22,615,318 in 2022 to $16,680,941 in 2023, mainly due to reduced air freight and courier expenses [394]. - Cost of revenue increased by $10,344,204, or 84.3%, from $12,271,114 for the year ended September 30, 2021 to $22,615,318 for the year ended September 30, 2022 [422]. - General and administrative expenses increased by $169,994, or 28.9%, from $588,732 in 2022 to $758,726 in 2023, primarily due to increased audit fees and allowance for expected credit loss [402]. - Audit fees surged by $170,000, or 10,198.0%, from $1,667 in 2022 to $171,667 in 2023, reflecting professional service costs for the annual audit [403]. - Staff costs decreased by $13,133, or 3.4%, from $383,959 for the year ended September 30, 2022 to $370,826 for the year ended September 30, 2023 [404]. - Travel expenses decreased by $24,327, or 35.1%, from $69,383 for the year ended September 30, 2022 to $45,056 for the year ended September 30, 2023 [405]. Profitability - Gross profit increased by 35.5% to $1,905,587 in 2023 from $1,405,878 in 2022, with gross profit margin rising to 10.3% from 5.9% [400]. - Net income increased by 33.0% to $1,077,392 for the year ended September 30, 2023, compared to $810,227 for the year ended September 30, 2022 [416]. - Net income grew by 43.5% to $810,227 for the year ended September 30, 2022, compared to $564,758 in 2021, driven by increased revenue and gross profit [444]. Assets and Liabilities - Current assets surged by $1,905,082, from $2,116,028 in 2022 to $4,021,110 in 2023, reflecting significant growth in accounts receivable and deferred costs [446]. - Accounts receivable increased by $317,301, or 28.5%, from $1,111,998 in 2022 to $1,429,299 in 2023, mainly due to higher revenue [450]. - Accounts payable increased by $1,290,186, or 98.4%, from $1,311,067 in 2022 to $2,601,253 in 2023, mainly due to outstanding supplier invoices [456]. - Total current liabilities rose by 140.8%, from $1,616,528 on September 30, 2022, to $3,892,365 on September 30, 2023, driven by an increase in accounts payables and unpaid offering costs [495]. - Working capital decreased to $128,745 from $499,500 as of September 30, 2022, primarily due to a dividend payment of $1,474,359 [496]. Cash Flow and Liquidity - Net cash provided by operating activities was $2,021,831 for the year ended September 30, 2023, an increase of approximately $1.2 million from $783,045 in 2022 [481]. - The company believes that current cash and cash equivalents, along with cash flows from operating activities, will be sufficient to meet working capital needs for the next 12 months following the initial public offering in November 2023 [497]. - As of September 30, 2023, the company's cash balance was $554,132, maintained at financial institutions in Hong Kong, reflecting a stable liquidity position [734]. Foreign Exchange and Credit Risk - Foreign exchange gains were $30,173, $72,974, and $118,508 for the years ended September 30, 2021, 2022, and 2023, respectively, indicating a positive impact on net income [382]. - The company has adopted a credit policy to mitigate credit risk by dealing with creditworthy counterparties and performing ongoing credit evaluations [736]. - The company estimates expected credit losses based on historical credit loss experience and current risk characteristics, ensuring a proactive approach to credit risk management [736]. - Approximately 54.3% of the company's cost of revenue for the year ended September 30, 2023, was denominated in foreign currencies, primarily for customs clearance fees and local courier expenses [737]. Employment and Governance - The board of directors consists of four members, including one female and three male directors, reflecting a commitment to diversity [519]. - As of September 30, 2023, the company had seven full-time employees, a decrease from nine in 2022 and eight in 2021 [551]. - For the year ended September 30, 2023, the total compensation paid to directors was US$85,000 [520]. - The company has entered into employment agreements with its Chief Executive Officer and Chief Financial Officer, each with an annual cash compensation of $10,000 [541][545]. - The company has not experienced significant labor disputes or difficulties in recruitment and retention of staff over the past three years [552].