Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 96

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 96
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  Net income                                                                      1,077,392       1,339,008         261,616  

  57  

  Table of Contents  

Year Ended September 30, 2024 Compared
to Year Ended September, 2023

Revenues

Our revenue decreased
by $2,046,349, or 11.0%, from $18,586,528 for the year ended September 30, 2023 to $16,540,179 for the year ended September 30, 2024,
primarily due to the decrease in the integrated cross-border logistics services and air freight forwarding services in 2024.

Our revenue from integrated
cross-border logistics services decreased by $1,755,756, or 10.4% from $16,872,539 for the year ended September 30, 2023 to $15,116,783
for the year ended September 30, 2024. The revenue was mainly derived from the integrated cross-border logistics services for delivering
goods from Hong Kong to Australia and New Zealand. Logistics revenue is recognized over the logistics time. The decrease of revenue from
the integrated cross-border logistics services is due to the higher average sales price per freight weight which driven down sales demand
and volume from customers.

The following table
set forth the breakdown of our revenue analysis for integrated cross-border logistics services for the periods indicated:

                                                Years ended September 30,                                  
                                                2023                                      2024             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────
  Average daily number of packages              $                              5,654      $         6,135  
  Average daily freight weight (kilogram)                                      2,459                1,937  
  Average daily number of shipments                                             3.69                 3.24  
  Average daily revenue per freight weight                                     18.80                21.32  

Our revenue from
air freight forwarding services decreased by $290,593 or 17.0%, from $1,713,989 for the year ended September 30, 2023 to $1,423,396 for
the year ended September 30, 2024, The Company sells air freight spaces to other freight forwarders to earn income through the price
differences. Air freight forwarding revenue is recognized upon the completion of the transaction. The decrease of such revenue is mainly
due to the change in pricing strategy. In order to reach a high