Spanish functional-foods concern Puleva Biotech reported a EUR2.2m (US$2.73m) pretax profit in the first quarter of 2006, up 314% from EUR523,000 reported for the first quarter of 1005. These gains were largely driven by a EUR1.6m stock-sale gain, the company said in a statement issued with Stock Market watchdog Comision Nacional de Valores (CNMV) on Monday (24 April).

Net revenues fell 7% to EUR1.7m, the Granada-based company, part of food giant Ebro Puleva, said, without explaining the reasons behind the short fall. The company could not be reached for comment on the revenue decline.
Puleva Biotech said sales improved for some products including omega-3 and probiotic products, with both categories rising an aggregate 25% to EUR610,000.

Puleva Biotech said it is working to discover new nutraceutical compounds and developing new production processes. It is also endavouring to improve its commercial strategy, the company said.