"Auga Group's net loss increased to EUR 32.4 million last year

The „Auga Group“, one of the largest organic food producers in the Baltics, posted an audited net loss of EUR 32.4 million last year, almost double the figure for the year 2023.

Then its net loss was €18.4 million.

According to a statement released by „Auga group“ on Thursday, the crop sector posted the biggest loss of – €10.48 million &ndash. This was due to increased production costs, lower prices than in previous periods and unfavourable weather conditions for the cultivation of pulses this season.

In addition, due to cash flow requirements, the Group realised the majority of the current year's harvest in autumn, at harvest time, when prices are historically not at their most favourable, which has had an additional impact on the result.

Revenues for the company and its subsidiaries grew by 10.6% to €85.6 million last year, according to the company.

Last year, its revenue was €77.4 million.

„The auditors have also qualified their opinion by stating that there is a material uncertainty that may cast significant doubt about the company's and the group's ability to continue as a going concern in relation to the restructuring of the company and part of the group,'' the statement said.