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Globavend Holdings Limited Announces First Half 2024 Unaudited Financial Results
Globavend Globavend (US:GVH) GlobeNewswire News Roomยท2024-09-19 20:05

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].