The textile dyes producer, Dystar, has posted profits of Eur20 million ($22.9 million) for 2002, despite the global market for textile dyes contracting during the year.

The German company says that, during 2002, the textile industry was adversely affected by the continued shift of production to countries where labour costs are lower. Unfavourable exchange rate movements, with key currencies weakening against the euro, also affected the industry.

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