Snowball Effect records first profit, thanks to tax benefit, revenue jumps 46%

Thu, 03 Aug 2017

By Jonathan Underhill Aug. 3 (BusinessDesk) - Snowball Effect recorded a full-year profit driven by a modest tax benefit, while revenue rose faster than expenses, narrowing the equity crowdfunding platform's pre-tax loss. The Auckland-based company posted a net profit of $12,404 in the 12 months ended March 31, from a loss of $76,428 a year earlier. Sales rose to $607,519 from $415,253, while expenses climbed to $673,853 from $521,791. The company recognised a $51,110 deferred tax gain. Some $25.3 million has been raised on the Snowbal...

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