Jeans maker and exporter Koniteks saw its first quarter net profit plunge 85 per cent to 103.1 billion Turkish lira ($72,000), compared with 721.6 billion lira ($501,000) for the same period of 2002.

The Adana, southern Turkey-based company's results also show that operating profit for the first quarter of 2003 rose to 1.3 trillion lira ($705,000) from 312.8 billion lira ($217,000).

Net sales rose to 8.1 trillion lira ($5.7 million) from 5.3 trillion lira ($3.7 million). Exports totalled 7.3 trillion lira ($5.1 million), up from 4.9 trillion lira ($3.4 million).

Set up in 1976, Koniteks employs around 750 people and makes jeans under the Lee Cooper brand name.