Belvedere has turned last year's H1 net profit into a loss. The French wine and spirits group yesterday (19 October) posted a net attributable loss of €700,000 (US$834,900) for the first six month of this year, against a net attributable profit of €200,000 in the corresponding period a year earlier.

Operating profit also fell, to €3.2m from €3.6m.

Turnover for the period, however, leapt by almost a quarter to €233.7m, a rise of 24.6% on last year.

Looking forward, the company said that it expects full-year sales in 2005 to register a 10% year-on-year growth at constant exchange rates. Belvedere added that it expects the second half of this year to boost the group's profitability, with a net profit of €5m being forecast for the full 12-month period.