SPAIN: CVNE posts rise in first quarter profit

Spanish wine producer, Compania Vinicola del Norte de Espana (CVNE), recorded a net profit of EUR1.54m ($1.4m) in the first quarter of 2002, 1.3% up from last year.

CVNE's sales rose by 18% to EUR8.6m ($7.7m) for the first quarter. The Bilbao-based company attributed the increase in turnover to a recovery in the Rioja market. CVNE is currently building a new winery at Laguardia in the Rioja region.

---