Spanish food company Sos Cuetara SA said today (23 February) that it expects higher olive oil prices to reduce its fourth quarter earnings before interest, taxes, depreciation and amortisation, or EBITDA by EUR25m (US$29.89m).

The company is planning to raise the prices of olive oil products to bring profit margins in-line with levels of the previous year. The cost will therefore be a one-off, Dow Jones reported.

In early trading this morning, Sos shares dropped by 1%.