07:52 AM EDT, 03/28/2024 (MT Newswires) -- Verde AgriTech Ltd ( VNPKF ) on Thursday reported its Q4 2023 results.

The company generated quarterly sales of $7 million, compared with $16.8 million, the year before.

Net loss widened to $2.65 million, from net loss of $1.3 million in Q4 2022.

Verde AgriTech ( VNPKF ) said that for Q2 2023, the company had to record an allowance for expected credit losses in its accounts for the first time. As per its sales policy, any outstanding customer payments overdue for more than 12 months must be provisioned. The total ECLs booked in Q4 2023 amounted to $1.75 million, compared to the absence of any provision in Q4 2022.

"Unfortunately, as previously anticipated by the company, 2023 stood as one of the most challenging years for the agricultural and fertilizers sectors in recent history. Verde was caught in the tide of low demand and adverse pricing conditions. Looking ahead to 2024, our focus sharpens on reclaiming market share and elevating our operational and administrative efficiencies to curtail costs," said Founder, President & CEO Cristiano Veloso.