Watchmaker Swatch says net profit up 26 percent to 1.6 bil. Swiss francs

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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