Swatch, the world's top watch company, has disclosed that its sales were nearly halved in the first half of the year due to coronavirus lockdowns, but that it has already returned to profitable operations, AFP reported.

It registered a net loss of 308 million francs for the period, against a profit of 415 million for the first six months of 2019.

The company said state-imposed lockdowns to slow the spread of the novel coronavirus had at times shut up to 80 per cent of its sales channels, but by June its operations had already returned to profit. “The Group's management is convinced that the sales and profit situation will improve quickly in the coming months, parallel to the further easing of Covid-19 measures” in countries, it said in an earnings statement.

“A positive operating result is expected for the full year,” it added.