Swatch profit keeps on ticking
By Lu Nengneng |
July 25, 2012, Wednesday
|
Print Edition
Print Edition
SWATCH Group AG, the world's largest Swiss watch maker, clocked up double-digit growth in its first-half profits as China's appetite for luxury timepieces showed no sign of waning amid an economic slowdown.
The Biel, Switzerland-based company reported yesterday that its net income soared by 25 percent to 720 million Swiss francs (US$727 million) in the January-June period while operating profit surged 19 percent to 903 million francs.
Gross revenue in the first half increased 14.6 percent to 3.85 billion francs from a year earlier and the sales contribution from China was bigger than last year, the company said.
The Federation of the Swiss Watch Industry said exports of Swiss-made watches to Hong Kong and the Chinese mainland jumped 23 percent to 3 billion francs in the first half.
Such strong demand came amid worrying signs that China's economy is in a serious downturn. The country's gross domestic product growth decelerated for a sixth straight quarter to 7.6 percent in the April-June period this year.
Swatch remained optimistic in its press release, saying there are "more opportunities than risks for the future, despite some negative trends such as the exchange rate."
The Biel, Switzerland-based company reported yesterday that its net income soared by 25 percent to 720 million Swiss francs (US$727 million) in the January-June period while operating profit surged 19 percent to 903 million francs.
Gross revenue in the first half increased 14.6 percent to 3.85 billion francs from a year earlier and the sales contribution from China was bigger than last year, the company said.
The Federation of the Swiss Watch Industry said exports of Swiss-made watches to Hong Kong and the Chinese mainland jumped 23 percent to 3 billion francs in the first half.
Such strong demand came amid worrying signs that China's economy is in a serious downturn. The country's gross domestic product growth decelerated for a sixth straight quarter to 7.6 percent in the April-June period this year.
Swatch remained optimistic in its press release, saying there are "more opportunities than risks for the future, despite some negative trends such as the exchange rate."
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