Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 103

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 103
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 ended September 30, 2023. The revenue was derived from the integrated cross-border logistics services for delivering goods
from Hong Kong to Australia and New Zealand. Logistics income 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,                                  
                                                2022                                      2023             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────
  Average daily number of packages              $                              5,890      $         5,654  
  Average daily freight weight (kilogram)                                      2,765                2,459  
  Average daily number of shipments                                             3.09                 3.69  
  Average daily revenue per freight weight                                     19.27                18.80  

Our revenue from
air freight forwarding services decreased by $2,863,025, or 62.6%, from $4,577,014 for the year ended September 30, 2022 to $1,713,989
for the year ended September 30, 2023. 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
because the Company was focus on selling the air freight spaces with high unit prices in 2023, which lowered the sales volume. The number
of air freight spaces sold decreased from 219 for the year ended September 30, 2022 to 146 for the year ended September 30, 2023.

Cost of Revenue

The following table
set forth the breakdown of our cost of revenue for the periods indicated:

                                             Years ended September 30,                                            
                                             2022                                           2023                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Air freight charges                        $                              12,261,846      $          7,113,911  
  Last mile carriage and alliance costs                                     10,230,017                 9,415,448  
  Warehouse labor costs                                                         79,496                   133,437  
  Packing costs                                                                 43,959                    18,145  
                                             $