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BELGIUM: Spadel posts 38% rise in profit for 2002

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The Belgian drinks group, Spadel SA, has reported a net attributable profit of €11.6m (US$12.4m) for 2002, up 38.1% from 2001.

Operating profit rose by 34.3% on sales (incl. excise duty) 2.5% down at €235.4m (US$251.9m). The company attributed the dip in turnover to an increase in excise duty in the Netherlands but said that excluding excise duty, turnover was flat in comparison with 2001.


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