Business
Organto Releases Fiscal 2024 First Quarter Financial Results
VANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / October 24, 2024 / Organto Foods Inc. (TS...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Releases Fiscal 2024 First Quarter Financial Results VANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / October 24, 2024 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), a provider of branded, private label and bulk distributed healthy and organic fruit and vegetable products today announced it has released its financial results for the period ended March 31, 2024. All amounts are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS), except where specifically noted.\"Our financial results for the first quarter reflect an improvement in both our loss from operations and net loss for the period. While improved, and heading in the right direction, we were unable to attain the profitability targets we set for our business. As a result, and as noted in our previous news releases, we have embarked on a significant restructuring with the goal of repositioning our business for profitable growth, and more importantly, a clear path to profitability and long-term stability. We believe we are making very good progress in our repositioning including streamlining our product portfolio to categories where we deserve and believe we can win, refocusing our marketing strategies and reducing our costs via both internal reorganization and the sale of three operating subsidiaries. In fact, the businesses retained following the sale of the three operating subsidiaries contributed very positive results in the first quarter, growing sales by 22% versus the prior year and generating positive gross profit. In addition, we continue to focus on the restructuring of our convertible debenture obligations, which is expected to result in reduced debt levels and greater operating flexibility. We believe the impact of these initiatives will be apparent as we report our results in the coming periods.\" commented Steve Bromley, Chair and Chief Executive Officer.Bromley commented further, \"With the filing of our audited financial statements for fiscal 2023 and financial statements for the first quarter of 2024 now complete, we expect to file our Financial Statements and Management Discussion and Analysis for the second quarter of 2024 in the coming days, and in doing so meet the key requirements to apply to have the current Cease Trade Order lifted. We are als...