Organto Foods Reports Improved Q2 2024 Financial Results

Organto Foods Inc., a provider of organic fruit and vegetable products, announced improved financial results for Q2 2024, ending June 30. The company reported significant restructuring progress aimed at profitable growth and long-term stability. CEO Steve Bromley highlighted efforts to streamline operations, reduce costs, and restructure convertible debenture obligations to enhance operating flexibility.

The quarter saw a revenue increase to $4.4 million, up 24% from the previous year. Net income rose to $2.1 million, contrasting with a net loss of $2.3 million a year earlier. However, gross profit decreased due to unfavorable currency fluctuations, with adjusted gross profit dropping to 5.8% from 6.6%.

Organto plans to lift the current Cease Trade Order and ensure timely Q3 filings. The company acknowledges past delays from system and personnel changes but stresses ongoing support from stakeholders during its restructuring phase.