Clarification with respect to few media articles stating false and incorrect information about Snowman Logistics business being impacted due to COVID-19
May 14,2020- The company (Snowman) would like to clarify with respect to the above mentioned subject as follows:
- Business Operations:
- Company via its letter dated April 8,2020 had informed the stock exchanges that business of Snowman Logistics Limited is considered under the ‘essential services’ category as per the Ministry of Home Affairs (MHA), and accordingly all the warehouses of the Company are functional and fully operational
- Thus, the pandemic has not had any adverse impact on the company’s business as its operations continued during the lockdown period as well
- However, company faced some logistical issues due to lack of availability of drivers
- Further, this year the prawn culture crop is excellent and exports are slow leading to more storage of seafood, thereby increasing Snowman’s core business of cold store warehousing
- The seafood storage business is not impacted due to COVID-19 pandemic. In fact, the impact was in the calendar year 2019 due to the Cyclone Fani and Bulbul
