The Greek wines and spirits producer, E. Tsantalis, reported a pre-tax profit for 2002 of €1.33m (US$1.55m), up 43% from €0.93m (US$1.1m) in 2001.

The company attributed the rise in pre-tax profits to reduced operating costs and an improved gross profit margin. Turnover at the company rose from €42.9m (US$50.2m) to €43.1m (US$50.4m).

The Tsantali wine brand accounts for about €13.3m of group sales and is exported to 35 countries.