Parmalat, the Italy-based dairy group that is majority-owned by France’s Lactalis, has reported an 11% rise in first-quarter sales, boosted by exchange rates and recent acquisitions, despite sliding volumes.

The company’s reported net revenue increased 11.3% to EUR1.56bn (US$1.7bn) in the first three months of 2017.

However, measured at constant exchange rates and scope of consolidation, while also excluding the contribution of Parmalat’s business in the troubled economy of Venezuela, its net revenue inched up 0.7%.

The rise in sales came despite a 6.8% decline in sales volumes. Volumes fell in each of Parmalat’s geographic divisions.

The group did not disclose figures on its profitability in the first quarter.

Parmalat maintained its 2017 financial forecasts set earlier in the year. At constant exchange rates and excluding Parmalat’s Venezuelan subsidiary, given, the company said, the high rate of inflation in the country and the devaluation of the local currency, the business expects net revenue and EBITDA to increase by “about 4%” compared with 2016.