Swatch reports higher profits in first half

Omega belongs to the Swatch brand. Image: Matthew Eisman/AFP

Swiss watchmaker swatch says that its profits rose in the first six months, however its performance was dampened through the strength of the swiss franc.

"the overvalued swiss franc dampened growth in the first half of of the yr,"swatch stated in its first half document.

"as in the preceding year, the first half of 2017 become characterized by using worldwide turbulence," the record stated.

"but, the swatch organization, with its 20 robust brands and its personal retail network, could be very nicely represented global, and turned into consequently capable of generate net sales of 3.7 billion swiss francs (3.Three billion euros, $3.9 billion)."

That represented a fractional decline of 0.Three percentage as compared with the corresponding period a year in advance.

At steady exchange fees, income might have risen by using 1.2 percentage.

Net profit grew by means of 6.Eight percentage to 281 million swiss francs (254 million euros), slightly short of analysts' expectations.

Searching beforehand, swatch said it "anticipates very tremendous boom in local forex within the 2nd 1/2 of the 12 months. Further to its already sturdy personal retail commercial enterprise, wholesale should also develop positively".