Sumolis, the Portugese soft drink and beer producer, yesterday announced a 55% net profit increase year-on-year, despite a drop in the sales of soft drinks.

Sales for the first nine months of 2003 rose by 1.3% year-on year, to give the company a net profit of €1.4m (US$1.6m). A healthy increase in beer sales of 16.6% was offset by a fall in soft drinks sales of 1%. The sales of fruit juices also fell by 16.5%.

Turnover for Sumolis totalled €133.9m. The group forecasts turnover for the year to reach €170m.

The company plans to finalise its restructuring, with separate units taking full control of the group's different activities, during the second half of 2003.