Spanish rice and cooking oil supplier SOS posted a 60% rise to €10.5m (US$13.3m) in first-quarter net profits, as business efficiencies and higher prices for some of its products offset lower sales.

Revenues fell 9.6% to €232.9m.

However, SOS said management efficiencies and the strength of some of its brands helped lift margins.

The company said prices in its olive-oil division rose an average 17% during the period, helping compensate for lower demand in Spain.  Olive-oil exports also increased 25%, Sos added.

SOS's biscuits division performed well during the quarter, helping boost group profits despite falling sales in the rice franchise.