Business
Linkage Global Inc Announces First Half 2024 Financial Results
TOKYO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Linkage Global Inc (“Linkage Cayman”, or the “Company”), a cross-border e-commerce integrated services provider
About this update from Linkage Global Inc
[{"type":"text","content":"TOKYO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Linkage Global Inc (“Linkage Cayman”, or the “Company”), a cross-border e-commerce integrated services provider headquartered in Japan, today announced its unaudited financial results for the six months ended March 31, 2024. First Half 2024 Financial Highlights Net revenues were USD4.80 million for the six months ended March 31, 2024, compared to net revenues of USD9.03 million for the same period of 2023.Gross profit decreased by 64% to USD0.71 million for the six months ended March 31, 2024 from USD1.95 million for the same period of 2023. Gross margin was 14.77% for the six months ended March 31, 2024, compared to 21.55% for the same period of 2023.Loss from operations was USD0.91 million for the six months ended March 31, 2024, compared to income from operations of USD0.87 million for the same period of 2023.Net loss was USD0.90 million for the six months ended March 31, 2024, compared to net income of USD0.55 million for the same period of 2023. First Half 2024 Financial Results Revenues Total revenues decreased by approximately USD4.23 million, or 47%, from approximately USD9.03 million for the six months ended March 31, 2023 to approximately USD4.80 million for the six months ended March 31, 2024. Revenues from cross-border sales decreased by approximately USD2.18 million, or 34%, from approximately USD6.41 million for the six months ended March 31, 2023 to approximately USD4.23 million for the six months ended March 31, 2024. EXTEND CO., LTD, a Japanese corporation and a subsidiary of the Company, contributed to approximately USD3.50 million, or 73% of the Company’s total revenues, a decrease of 36% for the six months ended March 31, 2024 compared to the same period in 2023. The decrease in cross-border sales was mainly due to the following reasons: (i) China has tightened the inspection policy for goods imported from Japan, which resulted in more goods held up by China customs authorities for two to three months, leading to a decrease in exports to China, and (ii) the depreciation of the Japanese yen against U.S. dollars. The average exchange rate for the six months ended March 31, 2024 and 2023 was at $1=¥148.1735 and $1=¥136.8638, respectively, representing a decrease of 8.26%. Revenues from integrated e-commerce services decreased by approximately USD2.05 million, or 78%, fro...