Revenue for the quarter was up 27% coming in at $71.1 million Canadian compared with C$56 million in the prior year first quarter. The Company has been successful in improving its supply chain issues and continues to enjoy strong demand for its products.
The Company achieved income from operations of C$4 million in the first quarter compared with a loss of C$0.1 million in the prior year first quarter by increasing margins and reducing selling and administrative expenses. Offsetting the increase in income was an increase in foreign exchange loss of C$1.2 million, additional interest expense of C$0.7 million and a decrease in the gain on disposal of assets by C$8.1 million from the prior year first quarter which resulted in a C$2.2 million dollar loss in the quarter.
Looking Forward
Sales are projected to be higher in 2024 as the Company continues to improve problems associated with supply chain issues. The Company has a large backlog of sales and continues to have strong demand for its agricultural machinery and equipment. The Company’s majority shares were acquired by Basak Tractor a wholly-owned subsidiary of ASKO Holding on December 28, 2023 and continues to receive full support from Basak Tractor to achieve its sales growth and return to profitability. The Company expects to see profitability improve as a result of actions taken early in 2024. Margins are also projected to improve in 2024 as a result of operating efficiencies stemming from increased shipments.
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