Organto Foods Inc. Delivers Record Sales Despite Losses in Fiscal 2023

Organto Foods Inc., a key player in the healthy and organic produce market, has announced its fiscal 2023 financial results. Despite achieving a record sales figure of $27.7 million, marking a 25% increase from the previous year, the company faced an increased net loss of $13.4 million.

The company's gross profit improved, reaching $2.5 million or 8.9% of sales. However, ongoing restructuring efforts aim at cost reduction and long-term profitability. Key strategies include streamlining the product portfolio, marketing adjustments, and reducing debt through convertible debenture restructuring.

Despite recording the largest annual sales in its history, Organto is navigating challenges, including impairment charges and losses from foreign currency hedging. The company anticipates filing its 2024 interim results shortly, which may lift the standing Cease Trade Order.