Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 172

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 172
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 and labor costs. Our cost of revenue decreased by $2,560,164, or 15.3%, from $16,680,941 for the year ended September 30, 2023 to $14,120,777 for the year ended September 30, 2024, mainly due to decrease in air freight and courier expenses to fulfill the decreased sales transactions.
 
Our air freight charges mainly represented costs of air freight services. Our air freight charges decreased by $3,593,641, or 50.5%, from $7,113,911 for the year ended September 30, 2023 to $3,520,270 for the year ended September 30, 2024, mainly due to the decreased sales from both air freight forwarding services and integrated cross-border logistics services and lower air freight rates offered by suppliers during the year ended September 30, 2024.
 
Our last mile carriage and alliance costs mainly represented courier service charges, customs clearance fees and other alliance service charges. Our last mile carriage and alliance costs increased by $984,338, or 10.5%, from $9,415,448 for the year ended September 30, 2023 to $10,399,786 for the year ended September 30, 2024, mainly due to increase in unit price for last mile carriage and alliance costs.
 
Our warehouse labor costs mainly represented salaries and wages of warehouse staff. Our warehouse labor costs increased by $33,904, or 25.4%, from $133,437 for the year ended September 30, 2023 to $167,341 for the year ended September 30, 2024, mainly due to more part-time workers hired to improve the work efficiency, and the hourly rate for part-time workers has also been increased significantly. For the year ended September 30, 2023, some warehouse works were contributed by several full-time employees which salaries were incurred in general and administrative expenses.
 

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Our packing costs mainly represented packing materials, including boxes and labels, for repacking customers’ products. Our packing costs increased by $15,235, or 84.0%, from $18,145 for the year ended September 30, 2023 to $33,380 for the year ended September 30, 2024, mainly due to increase in unit costs for packing materials used for integrated cross-border logistics services.
 
Gross Profit
 
Our gross profit increased by 27.0% to $2