The Greek wine and spirits group, J. Boutaris & Son Holdings SA, formerly known as Boutaris Wine Co., posted consolidated sales of €11.2m (US$13.1m) for the first quarter of 2003, down 11% from the corresponding quarter last year.

The company also said it had registered a year-on-year drop in profit but further details were not available. Boutaris said that the first quarter results had been adversely affected by unfavourable weather conditions and the Iraq conflict.

Boutaris is forecasting a pre-tax profit of €1.5m (US$1.8m) for 2003, against €527,000 (US$617,000) in 2002.