Baron de Ley has reported a net profit of €28.3m (US$15.9m) for the first half of 2005, representing an 11.2% decline from the corresponding period a year earlier.

Operating profits were down for the Spanish wine company by 10.6% at €31.3m on sales up by just 0.74%. Exports rose by 14%.

Bottled wine accounted for 97% of sales. Investment stood at €5.8m, while cash flow reached €13.6m, the Rioja-based company reported.