MADRID (Reuters) - Spanish pharmaceutical company Grifols (GRLS.MC: Quote, Profile, Research) reported first quarter net profit a third higher than a year earlier on Wednesday, buoyed by higher sales of its blood products.

Net profit at Grifols, which joined Spain's blue-chip index at the start of the year, came in at 31.1 million euros ($48.09 million), up 33 percent, on sales of 201.7 million euros.

Its bioscience division, which specialises in the development of plasma derivatives used in blood transfusions, accounted for around three-quarters of sales.

Its shares were up 2.73 percent at 18.83 euros at 1346 GMT as investors reacted favourably to the strong results and the fact Caja Madrid had started the shares with an "Accumulate" recommendation.

(Reporting by Sonya Dowsett; editing by Rory Channing)