Platinum watch producer Swatch has reported a rise in profits, it has emerged.

During the first half of its financial year, the firm saw net income increase to $383.1 million, compared to the same period in 2006.

Meanwhile, operating profit increased by 27 per cent to $425.6 million.

In a statement the firm told Bloomberg: "Our core business, the watches and jewelry segment, once more demonstrated its strong position as the growth engine of the group."

The world's largest watchmaker, that produces Omega models made with platinum or white gold cases, also claimed that sales during the second half of its financial year have also been strong so far.

Scilla Huang Sun, who manages a luxury-goods fund in Zurich, added that the company had seen a rise in sales across the globe as "luxury watch sales continue to be strong".

Over the past year, the platinum watch producer has opened its first branches in the United States and is set to be the official timekeeper in next year's Olympic games.

In related news, House of Taylor Jewelry has recently reported that net sales have almost doubled in the three months leading up to June 30th, with one of its main shareholders actress Elizabeth Taylor, a self-declared lover of platinum jewelry.