The gross profit of ELBISCO HOLDING S.A. saw a small improvement for the first quarter of 2004, reaching euro 155,564.74 from euro 93,203.79 during the same period last year.

According to the consolidated financial results of ELBISCO HOLDING S.A., the company's turnover, despite the general unfortunate climate in the food market, was at about the same level as in 2003, amounting to euro 39.495.284,27. The slight year-on-year fall marked in the gross results which amount to euro 13,354,200.99 from euro 13.636.025,56 last year reflects the great importance that ELBISCO gives to further promote its products with a view to increase its market shares.

The positive effects of the restructuring process in which ELBISCO's companies are already in, are reflected for the first time this year to the 40% reduction recorded in the Administrative expenses compared to the first quarter of 2003. Besides, this considerable reduction of the administrative expenses led to an impressive increase of the Operating results before financial transactions which this year amounted to euro 1,890,887.15 from euro -295,186.43 during the same period last year.