Spanish olive oil producer Deoleo has recorded an increase in profit in the first nine months of the year.

EBITDA amounted to EUR62.4m (US$79.4m), compared to EUR47.7m last year. The company attributed the increase to improved margins and efficiency measures undertaken throughout 2011.

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Net profit in the period amounted to EUR2.9m. The company did not give a comparable figure.

Sales in the period stood at EUR627m, representing a drop of 12.9% on last year as a result of a fall in raw material prices and the “lack of packaging operations”, it said.

Deoleo has forecast full-year EBITDA of EUR89m.

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