Spanish food group Campofrio has posted a sharp rise in quarterly net profit, having divested some underperforming assets since the same quarter of the previous year.

The company reported net profit of €5.3m (US$6.3m) for the first quarter to 31 March 2004, compared to net profit of €0.2m in the year-ago period. Sales fell to €219.8m from €290.6m reflecting the assets disposals, reported AFX News.

Last year the company divested its loss-making Portuguese Primayor unit and also sold a stake in Poland’s Ostroleka.