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Watchmaker Swatch says net profit up 26 percent to 1.6 bil. Swiss francsAFP ZURICH--The world's biggest watch-making group Swatch said on Monday its net profit rose 26 percent to 1.6 billion Swiss francs (US$1.76 billion), beating market expectations.
February 5, 2013, 12:14 am TWN Swatch, most known for its brightly colored plastic-cased watches, said “thanks to a high level of capacity utilization, innovative production methods and traditionally strong cost controls, operating profit increased to 1,984 million Swiss francs, a rise of 22.9 percent compared to 2011.” Analysts surveyed by Swiss financial news agency AWP had expected a more modest increase in the watchmaker's net profit to 1.4 billion francs on an operating profit of 1.8 billion francs. |
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