  Consolidated Annual Report |
| CORTICEIRA AMORIM – Year-end results show significant improvements |
| Report 2003 |
Profitability for 2003 registered a sharp improvement. When compared to 2002, net profits increased four times to reach Euros 801 million.
A 2H03 increase in sales, overall improvements in gross margin and a stabilisation of operating costs are the main drivers behind the good performance obtained especially throughout the second half of the year.
EBIT improved 40.2% to Euros 20.7 million, while EBITDA increased 12% to Euros 51.6 million. |
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