Dutch dairy company Friesland Coberco Dairy Foods is expecting to report 2003 net profit of €55m (US$68.1m).

This compares with €84m in 2002. The lower results are partly attributable to lower incomes from cheese, the stronger euro currency, pension costs and restructuring in cheese and packaging, reported De Financiele Telegraaf.

Friesland Coberco expects a turnover of €4.6bn for 2003, a 3% year-on-year decrease, due to lower prices.