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Snowman Logistics report Rs 3.6 crore net loss in Q2 FY2018

November 9, 2017: The GST implementation slowed down the goods movements in the country for major part of Q2, this also affected performance of Snowman Logistics for quarter ended September 30, FY18.

Snowman Logistics report Rs 3.6 crore net loss in Q2 FY2018
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November 9, 2017: The GST implementation slowed down the goods movements in the country for major part of Q2, this also affected performance of Snowman Logistics for quarter ended September 30, FY18. The company recorded sales of Rs 45 crore for quarter ended September 30 as against Rs 48 crore during the previous quarter ended June 30, 2017. EBITDA increased to Rs 9.6 crore from Rs 9.2 crore, a growth of 4 percent for the same period.

When compared to last year or the quarter ended September 30, FY17 the sale is down by 5.44 percent and EBITDA is up by 126 percent. The company made a net loss of Rs 3.6 crore for the quarter ended September 30, FY18 as against a loss of Rs 8.3 crore in the previous year.

Prem Kishan Gupta, Chairman, Snowman Logistics, said, “We are constantly upscaling ourselves and expanding our network with a long term outlook to meet the increasing demand for an end-to-end cold chain logistic service provider.”

Sunil Nair, CEO, Snowman Logistics, said, “When we compare our Q2 numbers to the corresponding quarter previous year, we have been able to cut down our loss considerably primarily due to our vehement focus on cost optimisation. There is a genuine slowdown in the industry which has affected all players. However, we are making modest recovery.”

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