Argentine food producer Molinos Rio de la Plata has posted net income of 9.3m pesos (US$3.3m) for the third quarter to 30 September, compared with a loss of 105.9m pesos a year earlier.

Molinos reported third-quarter operating profit of 46.8m pesos, compared with an operating loss of 106m pesos a year earlier.

The company said the net income result for the third quarter of 2003 included losses of 37.5m pesos related to the sale of dairy processor Molfino to Canada's Saputo.

Third-quarter sales rose 14%, helped by a 34% increase in exports of flour and soy pellets, which were boosted by the purchase of a 50% stake in Peco Agra in the quarter. Exports of branded products rose 14% in the quarter. Exports accounted for 60% of total sales, reported Dow Jones International News.