Swatch clocks up record turnover
The world's largest watch manufacturer, Swatch, has clocked up a new record in turnover. The Biel-based company said turnover rose by 10.9 per cent over the last year, up to SFr3,626 billion, while profits are expected to go up by a fifth.
The world’s largest watch manufacturer, Swatch, has clocked up a new record in turnover. The Biel-based company said turnover rose by 10.9 per cent over the last year, up to SFr3,626 billion, while profits are expected to go up by a fifth.
Sales of finished watches went up by more than 14 per cent. One of the biggest growth areas was in the luxury watch market, which saw a 30 per cent increase in turnover in the second half of 1999.
In contrast, sales of watch movements and components, fell by nearly five per cent, mainly because of foreign competition, and decreasing orders from watch brands owned by the Swatch group.
The electronics systems branch also fared less well, with sales falling by more than one per cent. The company said this was mainly due to its joint-venture with Mercedes in making the Smart compact car. The Swatch electronics systems branch makes the car’s specialised motor.
From staff and wire reports.
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