Alexa
  • Directory of Taiwan

Watchmaker Swatch says income drops 17.4 percent

Watchmaker Swatch says income drops 17.4 percent

Swatch Group AG said Thursday that net income dropped 17.4 percent in 2008 as the global economic downturn and volatile currencies ate into demand for watches.
The world's largest watchmaker said net income for the full year was 838 million Swiss francs ($722.3 million), compared with 1 billion francs for 2007.
Income over the last six months of the year dropped by nearly a quarter.
Gross sales increased 0.4 percent to 5.97 billion francs over 2008, despite losses of 233 million francs from fluctuations in foreign currencies, the company said.
Shares were down 0.8 percent at 134.90 francs ($116.28) on the Zurich exchange.
The producer of high-end watches such as Omega, Breguet and Longines does not break out quarterly figures.
It predicted modest growth for the full-year.