07:58 AM EDT, 08/13/2024 (MT Newswires) -- Verde Agritech ( VNPKF ) on Tuesday said it swung to net loss in the second quarter on lower revenue.

The fertilizer company booked a net loss of $2.6 million, compared to a net profit of $241,000 in the year-ago quarter.

Revenue dropped to $6.5 million from $10.3 million and EBITDA was nil compared to $2.1 million.

The company said its results were driven by the El Nino phenomenon in Brazil, which impacted the agricultural and livestock sectors.

"Despite the challenging events beyond our control, I am encouraged by several positive developments over the quarter," CEO Cristiano Veloso said. "Independent agronomic research on our existing products, as well as new products and technologies, has shown highly promising results."