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Swatch profit up 22%, but investors disappointed

March 18, 2008

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Biel, Switzerland—Although Swatch Group AG reported a record-breaking net profit last year of more than 1 billion Swiss francs (about $1.01 billion), investors expected better results, reports CNNMoney.com.

Specifically, the watchmaker's profits increased 22.3 percent in 2007 to 1.01 billion Swiss francs (about $1.02 billion), much improved from its 2006 profit of 827 million Swiss francs (about $835 million).

But even though 2007 results were up, the outcome was roughly 10 million Swiss francs (about $10.1 million) shy of analyst expectations, according to CNNMoney.com.

Swatch announced it would increase its dividend to shareholders by 21.4 percent, but shares dropped 7 percent to 282.75 Swiss francs (about $285.73) on the Zurich exchange, the news source said.

CNNMoney.com further reported that Swatch said the demand for watches and other luxury items remained strong last year despite the global financial turmoil.

The company's turnover increased 17.6 percent to 5.94 billion Swiss francs (about $6 billion).

Swatch Group is the largest manufacturer of finished watches in the world and owns such brands as Breguet, Omega, Swatch and Tissot.
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