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Swatch Group posts record profits

Switzerland's Swatch Group, the world's largest watchmaker, said on Friday its net profit in 2007 rose 22% to a record 1.02 billion Swiss francs ($1.01 billion).

Turnover of the Swatch Group increased by nearly 18%, to 5.94 billion Swiss francs ($5.97 billion).

Swatch said it benefited from rising demand for its top-range watches, including Breguet and Blancpain, as part of a continuing worldwide boom for luxury goods, particularly in China.

But it reported double-digit growth in sales in all price segments. It said sales had been good in all geographic regions, with Asia, Europe and the United States performing particularly well, although the Japanese market had been somewhat flat.

Swatch, with headquarters in the town of Biel, also makes watch components and movements, and has recently expanded its production capacity. (Xinhua)