Synthetic fibre maker Montefibre has posted a consolidated net loss of EUR40.4 million for fiscal 2003, widened from a loss of EUR0.9m in the previous year.

The Italian company also registered a 20.6 per cent year-on-year drop in consolidated revenue to EUR424.3m for the 12-month period, while consolidated turnover fell 15.2 per cent year-on-year to EUR322.6m.

In addition, the company's net financial debt grew to EUR65m at end-2003, up from EUR61.7m at the same time a year earlier.