The Danish beer and soft drinks producer, Harboes Bryggeri, has reported a net profit for the year to the end of April 2003 of DKr32.9m, down from DKr72.5m in 2001/2002.

Pre-tax profit declined from DKr56.2m to DKr52.2m while operating profit fell to DKr63.8m from DKr68.7m a year earlier. Net turnover rose from DKr1.17 billion to DKr1.27 billion.

The company said it expects to register a pre-tax profit of DKr70m to DKr80m for 2003/2004.