Deoleo, the Spain-based olive oil supplier, grew its sales and reduced its losses in the first quarter of 2017.
The Carbonell olive oil owner booked a turnover of EUR175.1m (US$191.1m), up 3.6% on the first quarter of 2016.
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Deoleo’s EBITDA was up 23.2% to EUR11.9m. The company booked a net loss of EUR7.6m, down from a loss of EUR9.9m a year earlier.
The company said it seen higher raw material prices but had booked lower “non-recurring expenses”.
The group described the figures as “solid results and significantly better than the same period last year”, claiming the numbers “demonstrated the new management strategy is beginning to bear fruit”.
In 2016, Deoleo saw its turnover fall 16%, with volumes dropping 22% from 2015’s levels as the group shed lower margin sales.
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By GlobalDataDeoleo recorded a loss of EUR179m, up from EUR61.3m in 2015. The group said the increase in losses reflected EUR96.3m in restructuring charges as well as changes to tax regulations, which trimmed EUR53.3m off the bottom line.
On a regional basis, the company said all its business units had “improved” in the first quarter, “with the exception of northern Europe”.
