Seiko's half-year profit nearly doubles as Grand Seiko and Wako Ginza lead a watch boom, with the weak yen doing some of the work
Seiko's watch business is genuinely booming at home and abroad, but a yen that was worth about 9% less than a year ago against the dollar and euro means some of the reported gain is exchange rate, not demand.
Seiko Group's operating profit rose 86.5% to ¥31.4bn in the half year to September, the watchmaker said in results filed 10 November, as sales grew 22.3% to ¥196.3bn and net profit climbed 79.9% to ¥22.5bn. Domestic sales rose 16.1% to ¥96.3bn and overseas sales 29.0% to ¥99.9bn, pushing the overseas share of the group's business past half, to 50.9%, for the first time the company has reported.