Spanish paper manufacturer Unipapel posted a consolidated profit of 2.5 mln euro ($2.85 mln) for the first three months of 2003, compared to the consolidated results of 2.88 mln euro ($3.29 mln) for the same period of 2002, the company informed the Spanish securities regulator CNMV on May 16, 2003. The reduction was mainly attributed to the taxes, due to be paid by Unipapel. Without the fiscal effect on the first quarter 2003 results, the consolidated profit of Unipapel would have fallen by 8.0 pct year-on-year. The consolidated turnover of the company reached 31.09 mln euro ($35.46 mln), compared to 31.18 mln euro ($35.57 mln) for the same period of 2002. The full-year 2003 profit of Unipapel is difficult to predict, the company said, as the paper manufacturing market is undergoing a difficult period. (Editor's note: Unipapel completed the reorganisation of its business and divided it into three groups in January 2003. The company began its restructuring on June 27, 2002. Each group will be under the control of a holding company, namely Unipapel Internacional SL, Unipapel Industria Comercio y Servicios SL, and Monte Urgull SL. Unipapel will control each holding company.)