French bakery group Brioche Pasquier has posted an attributable net profit for 2002 of €24.7m (US$27.4m), down 22.8% year-on-year.

The company reported 2002 operating profit of €42.8m, up 6.2% year-on-year, and 2002 turnover of €478.8m, up 10% year-on-year.

Brioche Pasquier’s baking operations accounted for 76% of its activities and recorded a 9.5% sales increase due to the success of its Pitch and Brioches en Tranches product lines, which recorded sales increases of 17% and 20% respectively.

The company’s confectionery operations reported sales up 23%, reported the French News Digest.

Sales outside France increased 55% year-on-year in 2002 and accounted for 11.4% of Brioche Pasquier’s total sales.

The company expects a €520m turnover for 2003 and net profit before goodwill of €30m.