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Snowman Logistics Makes A One-Time Provision, Reports Net Loss of Rs. 8.3 Crore

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Snowman Logistics – provides temperature controlled logistics services. It offers blast freezing facilities at its temperature controlled warehouses.
Snowman made a loss of Rs. 8.32 crore against a profit of Rs. 2.86 crore during the same time last year. Revenue dropped from Rs. 55.80 crore to Rs. 47.39 crore.
Snowman has attributed this loss to make a one-time provision of Rs. 8.79 crore towards asset refurbishment on some old transport fleet, old warehouses, customer claims due to stocks losses and damages at some warehouses.

  • With total pallet capacity of 98,500 (against 90,000 during Q2 last year) capacity utilization was 64% in Q2FY17 as against 76% in Q2FY16. Segmental Sales was down 5% from Rs. 31.25 crore to Rs. 29.66 crore.
  • Fleet of refrigerated trucks stood at 293 (against 501 during Q2 last year). Segmental Sales was down 28% from Rs. 24.55 crore to Rs. 17.74 crore.

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Snowman’s new facility in Cochin (Kerala) is expected to be commissioned by November 2016. Once commissioned it will have a Pallet capacity of 4,500 (4,000 Temp. Controlled+500 Ambient) and its new facility in Krishnapatnam (AP) is well on track to be commissioned by March 2017 with a Pallet capacity of 3,500 (3,000 Temp. Controlled+500 Ambient).