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The Canadian Press - ONLINE EDITION
Swiss watchmaker Swatch reports 18 per cent jump in net profit to $1.39 billion in 2011
A visitors passes next to the Longines booth of the Swatch Group at the official opening day of the world watch and jewellery show 'Baselworld' in Basel, Switzerland, April 3, 2008. THE CANADIAN PRESS/AP, Keystone, Georgios Kefalas
GENEVA - Swatch Group says its net profit jumped 18.1 per cent to 1.28 billion Swiss francs ($1.39 billion) last year.
The world's biggest watch manufacturer says strong demand in emerging markets like China helped boost profits from 1.08 billion francs in 2010.
But analysts had expected even better results and Swatch shares fell 4.6 per cent to 69.20 francs ($75.29) on the Zurich exchange Tuesday.
Swatch already announced last month that it achieved record sales of 7.14 billion Swiss francs in 2011.
The Biel-based company says it expects growth to continue in 2012.
Swatch hired 2,800 additional workers last year to keep up with demand for its timepieces and jewelry.
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