In a first, Swatch profits top 1 bln Swiss francs

0 Comments | AFP, March, 2008

BIEL, Switzerland (AFP) — Swatch Group, the world's biggest watchmaker, reported 2007 net income Friday of 1.015 billion Swiss francs (644.2 million euros, 1.0 billion dollars), up 22.3 percent from the previous year.

It marked the first time that the manufacturer of Omega, Longines, Tissot, Hamilton and Swatch watches, among other brands, had seen its profits surpass the one-billion-franc mark.

Net sales for the past year were put at 5.646 billion francs, up 17.1 percent, the Biel-based group said in a statement, adding: "Prospects remain good for the year (2008) as a whole."

The group, best known for its colourful plastic watches, said the sharp weakening of foreign currencies -- especially the US dollar -- against the Swiss franc, coupled with marked...