Organto Reports First Quarter 2024 Financial Results

Organto Foods Inc. has released its financial results for the first quarter of fiscal 2024, showing improved operational loss and net loss, although profitability targets were not achieved. The company is undergoing restructuring to streamline operations for profitable growth. Positive results were noted from businesses retained post-sale of subsidiaries, with a 22% sales increase and positive gross profit.

First-quarter sales were approximately $6.7 million, an 11% decrease from the previous year, attributed to divested businesses. Gross profit was $0.1 million, impacted by supply challenges and realized gains from currency hedging. Operating loss improved slightly to $1.4 million, while net loss decreased to $1.5 million from $2 million.

Efforts include refocusing marketing strategies and reducing costs. The company is aiming to file second-quarter financial statements shortly, meeting regulatory requirements to lift a current Cease Trade Order.