The Spanish winemaker Baron de Ley SA saw its net profit fall to €3.7m in its first quarter of this financial year, as sales declined 2.4% to €17.6m. In the same period last year the company achieved a net profit of €4.1m.

In a statement, Baron de Ley said EBITDA margin on sales stood at 45%, down 2 percentage points from a year earlier.