Textile machinery maker Rieter Holding AG has posted a 38 per cent rise in full-year net profit to CHF116 million for 2003, compared to CHF84m in the prior year.

The Winterthur-based company, which also supplies components to the automotive industry, reported a similar rise in operating profit to CHF202m for the year, compared with CHF201m in 2002.

Sales, meanwhile, rose 4.8 per cent year-on-year to CHF3.12 billion for the 12-month period.

Rieter's textile machinery business, which on average accounts for about 40 per cent of sales, contributed about 60 per cent of operating profit in 2003.

Sales within the division grew strongly in China and Turkey during the year.