Swiss bakery group Aryzta has booked a 16% fall in quarterly revenues as lower commodity prices hit sales at its agri-business arm.

Aryzta posted first-quarter turnover of EUR729.1m (US$1.1bn) for the three months to the end of October - a fall of 15.7% on the year.

Sales from its Origin Enterprises agri-business unit tumbled by more than 24% due to "lower commodity prices and delayed decisions from primary producers", Aryzta said.

The EBITA that Aryzta derives from Origin and its joint ventures fell 40.1% to EUR12.7m. The company pointed out, however, that around 80% of Origin's profits are generated in the second half of its fiscal year.

Revenue from Aryzta's food business fell 7.6% to EUR407.4m due to falling sales in Europe and, to a lesser extent, in North America.

The EBITA from Aryzta's food operations grew 2.2% to EUR51.1m.