Snowball Effect records first profit

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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.

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