Textile group Guararapes Confeccoes SA has posted a consolidated net profit of US$20.3 million for full-year 2003, a 36.2 per cent year-on-year decrease.

The Brazilian company, which operates retail chain Riachuelo, also reported a 51 per cent year-on-year fall in operating revenue for 2003.

However, total revenue rose 7.7 per cent year-on-year to US$334.1m for the 12-month period.