Olive oil maker Deoleo has forecast its annual sales will drop by over 7% in 2014.

The Spain-based group, owner of the Carbonell olive oil brand, said it expects sales to hit EUR749m (US$938.1m) this year, down 7.4% on 2013.

However, Deoleo estimated its EBITDA would rise 5% to EUR84m.

The company issued the forecasts alongside its third-quarter results, which included a 4.2% fall in sales to EUR562.4m but a 20% jump in EBITDA to EUR60m.

Deoleo booked a nine-month loss of EUR24m due to costs from a new financing deal, the impact of which the company flagged when reporting its half-year numbers in August. In the first nine months of 2013, Deoleo generated a net profit of EUR9.1m.