Swiss-based computer mouse maker Logitech has ended the 2011 fiscal year with lower results than forecast
The company, which has its headquarters in Morges on Lake Geneva, reported making $128.4 million (SFr111.9 million) in net profit for the year, compared with $64.9 million in the previous year.
It had expected a higher growth but experienced a 17 per cent dip in sales in the second half of the fourth quarter in Europe, the Middle East and Africa.
Shares dropped by 1.8 per cent on the news at the opening of the Swiss stock exchange.
For the full year, sales rose by 20 per cent to $2.36 billion while operating income was $142.7 million, 82 per cent more than a year ago. CEO Gerald Quindlen said the company’s “strong year” was driven by the retail regions of the Americas and Asia.
In the fourth quarter sales were up by four per cent to $548 million compared with the same quarter last year.
The company said it was expecting operating income to rise again in the next fiscal year to around $185 million.
swissinfo.ch and agencies