Gateway Distriparks Q1 Net down 15%; to list cold chain arm

Company recorded a net profit of Rs 35.19 crore for the same period a year ago

Logistics player Gateway Distriparks today reported 14.7% decline in its net profit to Rs 30 crore for the first quarter ended June 30, 2013.

The company had recorded a net profit of Rs 35.19 crore for the same period a year ago.

Total income for the period under review stood at Rs 246.53 crore as against Rs 233.56 crore in the corresponding period last year, the company said in a filing to the exchanges.

In a statement, Gateway said its board has decided to list its cold chain subsidiary, Snowman Logistics, and added that it will be filing the draft red herring prospectus (DRHP) with capital markets regulator Sebi for the initial public offering (IPO).

The firm did not offer a timeline for the IPO, but made it clear that the funds to be raised from share sale will be used for expansion.

Last month, the company had said Snowman would be getting an infusion of Rs 60 crore from private equity fund Norwest Venture Partners for a 14.3% stake.