Spanish processed meat firm Campofrio has more than doubled its profits in the third quarter on the back of an increase in sales.

For the three months to the end of September, the firm saw its profits reach EUR16.2m (US$22m) from EUR7.6m in the prior-year period.

Net sales edged up 1%, to EUE467.8m for the third quarter. The stabilisation of sales, the firm said, was the result of a reduction in average selling price of 1.9%, which was offset by a 2.1% increase in volumes in the period. Sales in Northern Europe remained flat, while sales in Southern Europe rose 2%.

Operating profits reached EUR30.4m compared to EUR461.6m last year.

In the nine-month period, profits climbed to EUR27.1m from EUR17.6m, while net sales remained stable at EUR1.33bn.

Operating profits reached EUR75.6m compared to EUR54.6m last year.