Swatch First-Half Profit Slumps as Much as 60 Percent

BIEL, Switzerland — Swatch Group AG, the maker of Omega and Tissot timepieces, said first-half profit fell about 50 percent to 60 percent on weak demand in Asia and Europe and the strength of the Swiss franc.

First-half sales are estimated to have declined about 12 percent, the company said in a statement Friday. Costs are increasing as Swatch has decided to keep employees despite the slump, the company said.

By Corinne Gretler; editors: Matthew Boyle and Thomas Mulier.