Swatch Group AG, manufacturer of Omega и Tissot watches, showed profit in the first half of the year first time in three years, Bloomberg reports. It happened due to growing demand in Asia and market share increase for all 18 brands of the company.

Operating profit grew by 70% to 629 million francs. Expectations of analytics were at 612 million francs.

This result is a sign that Swiss watches sector, which has been showing decline during many years, is recovering. Swatch, particularly, wins due to reviving demand for luxury watches in China and Hong Kong. However, even low cost segment, which faced competition on behalf of Apple Watch, shows growth. Swatch reduced prices for Tissot brand to $365 on automatic watches.

Sales grew by 13% to the record level of 4,27 million francs.