Fashion retailer Benetton Group SpA has posted a consolidated net profit of EUR108 million for 2003, following a loss of EUR139m in the previous year.

The Italian company, which last month reported a seven per cent year-on-year fall in full-year revenue, also posted an 8.5 per cent rise in net income to EUR139m, compared with EUR128m in 2002.

In addition, pre-tax profit more than tripled to EUR165m, compared with EUR49m in the previous 12-month period.

Gross operating income, however, fell 6.6 per cent year-on-year to EUR810m, while net debt stood at EUR468m at the end of 2003.