The Spanish wine company, Bodegas Bilbainas, reported a net profit for the first half of the 2002/03 fiscal year of €638,000 (US$685,000), representing an 11.6% rise from the first half of the previous fiscal year.

Turnover rose by 10.6% to €5.8m (US$6.2m), while gross operating profit increased from €1.8m (US$1.9m) to €1.9m (US$2.0m).

Bilbainas said it invested €640,000 (US$688,000) between July and December 2002 primarily in improving its infrastructure and production facilities.