Italian hosiery and lingerie manufacturer CSP International SpA has narrowed its losses to €300,000 for the nine months from January to September 2004, from a loss of €5.8m for the same period in 2003.

Third-quarter pre-tax profit totalled €500,000, compared to €1.5m in the same period last year.

Turnover fell 9.6 per cent year-on-year to €93.2m for the first nine months of 2004.

In the third quarter of 2004, turnover totalled €32.8m, against €38m euro in 2003.