Organto Foods Reports Financial Growth in Q3 2024

Organto Foods Inc. has released its financial results for the third quarter of 2024, showing marked improvements following operational restructuring efforts. Sales rose to $5.2 million, a 47% increase over the previous year's $3.5 million, driven by strong demand for organic products in Europe. Gross profits also saw significant growth, escalating by 63%, reaching $0.6 million. Despite heightened cash overhead costs, which now represent 19% of sales, the company reported a reduced quarterly loss of $0.8 million, down from $1.6 million the previous year.

Year-to-date figures mirrored this positive trend, with sales increasing by 31% to $14.3 million. This growth was supported by strong sales in the organic banana segment. The company also noted a $2.6 million gain from the sale of three Dutch subsidiaries. Organto continues to focus on restructuring convertible debenture obligations, aiming for long-term profitability. Efforts to lift a Cease Trade Order are ongoing, with a hopeful resolution anticipated soon.