Spanish wine producer, Bodegas Riojanas, has posted a net profit for the first quarter of 2003 of €229,000 (US$261,220), down from €414,000 (US$472,250) in the corresponding period in 2002.

Sales for the quarter fell by 7.1% to €2.07m (US$2.36m). Riojanas attributed the fall in sales to low demand and a decline in orders from distributors.