Todhunter International, the liquor distiller and importer, posted a net loss for six months to the end of March 2003 of US$64,390, against a net profit US$3.22m in the first half of the previous fiscal year.

Gross profit for the first half was US$13.39m, against a net profit for the first six months of the previous fiscal year of US$14.70m, while net sales fell to US$42.79m, from US$46.81m.

"Although net sales, gross profit and operating income for the six-month period were affected by decreased volume in our bottling operations, our bulk alcohol and vinegar and cooking wine businesses remain stable and our premium brand business grew over 34%," said Todhunter's chairman and CEO, Jay S. Maltby. "At the present time, we fully expect to replace a substantial portion of the decreased bottling volume with business from new and existing customers."

Net sales for the second quarter of fiscal 2003 fell to US$21.82m from US$22.96m. Gross profit for the quarter rose from US$7.14m to US$7.80m, while net income net income US$1.43m, against US$1.73m.