NEW YORK — Hit by a higher tax rate, Italian eyewear manufacturer De Rigo SpA weathered a 10.1 percent drop in profits during the first half of 2003.

For the six months ended June 30, net income declined to $9.7 million from $10.8 million in the prior-year period. Dollar figures have been converted at current exchange as the firm reported net income of 8.5 million euros against 9.4 million in the first half of 2002.

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