Greek fibre and apparel producer Fanco on Thursday posted a 2002 loss of $6.5 million but said it expects to report a profit of $1.4m for 2003.

The company, which recently merged with Trikolan, said it expects total sales to rise nine per cent year-on-year to $65m in 2003.

It added it will invest around $3.5m in new equipment and technology to expand its operations and production lines.