Italian meat processor Cremonini reported a pre-tax profit of €54.4m (US$69.3m) in 2003.

This represents an increase of 208.5% year on year, the company reported.

Consolidated turnover rose by 12.4% to €1.786bn. The company’s consolidated net financial debt fell by €36.7m to €451.1m compared with the end of 2002. This is largely attributable to the sale of 33% of its distribution subsidiary Marr.