Consolidated sales were down 11.4% in H1 16 to reach CHF3,716m (-12.5% at constant rates). Watches & Jewellery sales (including Production) dropped 11.3% to CHF3,586m. The Electronic Systems segment generated net sales of CHF136m, i.e. down 12.8%. The operating profit retreated 53.6% to CHF353m bringing the operating margin to 9.5% compared to 18.2% a year earlier. The operational performance was pulled down by Electronic Systems as Watches & Jewellery posted a higher operating margin ....