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Thursday, 18th November 2004 (5744 views)

Luxury goods maker Richemont has released its first half profit results today, with watch sales driving its positive profits.<BR/><BR/>The second-largest luxury goods maker in the world revealed that fiscal first half profit increased by 42 per cent and net income rose to €411 million during the six month period to September.<BR/><BR/>Jerome Schupp, from Banque Syz & Co. in Geneva, commented: "Like Bulgari and Swatch, it is Richemont's luxury watches that are driving the company's growth.<BR/><BR/>"The watch industry has been more cyclical than other luxury sectors, and the company is now profiting from growth there.' <BR/><BR/>The firm sells a host of brand names and has recently added Cartier and Jaeger-LeCoultre watches to its collection.<BR/><BR/>Executive chairman, Johann Rupert claimed that the company should "enjoy a strong pre-Christmas season" and is predicting a "significant improvement" in operating profit for the year through to March.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7095773"/>

 

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