Dutch supermarket and wholesale retailer Laurus has posted a net profit of €9m (US$11.1m) for 2003, compared to a net loss of €128m in the previous year.

Laurus said it had consolidated net sales of €4.1bn in 2003, compared to €5.5bn in 2002. The company said its priorities for this year include achieving cost savings and keeping or increasing its market share, reported Reuters.

French retail giant Casino holds a 38.7% stake in Laurus, and has an option to take a controlling 51% stake until the end of 2008.