The Wall Street Journal-20080213-Seiko Holdings Corp- Quarterly Profit Fell 65-- Wristwatch Business Shined

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Seiko Holdings Corp. Quarterly Profit Fell 65%; Wristwatch Business Shined

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Seiko Holdings Corp. said its net profit fell 65% in the April- December period after it booked a special profit a year earlier from the sale of real estate. The Tokyo maker of wristwatches, clocks and electronic devices said group net profit fell in the nine-month period to 4.2 million yen ($39,285), from 11.87 billion yen a year earlier. Group revenue rose 4% to 163.98 billion yen, while operating profit rose about 3%. Seiko's performance a year earlier was boosted by a 7.46 billion yen special profit, mainly from the sale of real-estate holdings. In the April-December period, profit rose at its core wristwatch business, which accounts for more than half of its operating profit. The division had strong sales in Europe and Asia, offsetting declines in the U.S.