German lube blender Fuchs Petrolub saw profit rise in the three months of the year as price-increases in 2022 countered the impact of higher costs.

Profit before interest and taxes (EBIT) rose to €103mn ($113.3mn) in the first quarter of the year, up 21pc from the previous three months and 11pc higher than year-earlier levels.

A 16pc rise in first-quarter sales lagged an 18pc increase in costs from year-earlier levels.

But the 8pc increase in sales from the fourth quarter outpaced the 5pc rise in costs. Sales outpaced costs from the previous quarter for the first time in a year.

Firmer sales helped to lift the blender’s EBIT margin to 11pc in the first quarter of the year.

The margin rose from 9.8pc during the final three months of last year and moved closer to the average level of around 12pc over the previous three years.