Luxury group Richemont sees sharply higher profits

Swiss luxury goods manufacturer Richemont announced Monday first half profit forecasts of between 20 percent and 40 percent higher than the same period in 2011. The group, which owns the Cartier, Piaget, Jaeger-LeCoultre and Montblanc brands, reported sales up 24 percent in the four-month period ending July. On this basis, the company's operating profit for the six months to September 2012 is likely to show an increase of between 20 percent and 40 percent compared to the first six months of the last financial year, Richemont said in a statement. Forecasts for net profit are within the same parameters over the same period, the company said, adding that "uncertain factors" including the level of trading in August and September and exchange rate movements "may therefore lead to actual levels of profit growth for the six month period below or above the ranges indicated." At 0808 GMT, Richemont shares were up 6.60 percent to 59.70 francs as the Swiss Market Index fell 0.44 percent.