Spanish supermarket operator Eroski has said it expects to report a rise in 2003 profits and has no plans to make any acquisitions.

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Eroski had been tipped as a possible buyer for the Spanish assets of troubled Dutch retailer Ahold, but Eroski chairman Constan Dacosta said in an interview with El Pais that the company planned to keep expanding without acquisitions, reported Reuters.

“We have said many times we are not an organisation which grows through acquisitions. We have done so more through organic growth, by opening new stores,” Dacosta was quoted by Reuters as saying.

The company reported 2002 net profit of €89m (US$102.1m), and Dacosta said the company expects to improve on last year’s result.

Ahold announced last week that it would sell its Spanish operations.

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