Swiss luxury group Richemont said on Friday that it expects to post "significantly higher" operating profits in 2011, as strong demand in China appeared to defy the current gloomy global economic climate.

"/> Swiss luxury group Richemont said on Friday that it expects to post "significantly higher" operating profits in 2011, as strong demand in China appeared to defy the current gloomy global economic climate.

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Richemont profits up on China revenue

Swiss luxury group Richemont said on Friday that it expects to post "significantly higher" operating profits in 2011, as strong demand in China appeared to defy the current gloomy global economic climate.

Published: 11 November 2011 10:59 CET

Sales for the six months ending September 30th jumped 29 percent to €4.21 billion ($5.75 billion), while net profit for the period was up 10 percent at €709 million.

Sales in the Asia-Pacific region soared 48 percent to 1.71 billion francs ($1.88 billion), “primarily driven by mainland China, which is now Richemont’s third largest market after Hong Kong and the US.”

Despite a debt crisis, European markets also returned sales growth of 20 percent to €1.51 billion. However, demand came not from the continent itself, but from travellers, as well as Russia, noted Richemont, which owns brands such as Cartier and Piaget.

Johann Rupert, chairman and chief executive of the group described the earnings as “solid” and issued a positive forecast for the rest of the financial year.

For the second half of the financial year, we face both the impact of global economic problems on the luxury goods industry in general, and the demanding comparative figures against which group sales will be measured,” he acknowledged.

“Notwithstanding these challenges and based on the group’s performance for the year to date, operating profit for the full year is expected to be significantly higher than last year,” he said.

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Say you are a foreign resident in Switzerland and find yourself short of funds, and are unable to pay your monthly bills.

Can you count on your canton’s public coffers to help you out?

Much depends on your status in the country.

If you have a residency permit, have been working in Switzerland and contributing to the social security scheme, then you can receive financial assistance, in form of subsidies, from your local authority.

This is how it works

For instance, if the obligatory health insurance premiums exceed 8 percent of the household income, then you are eligible to receive this help.

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READ ALSO : How do I apply for healthcare benefits in Switzerland?

What about housing?

Low-earners (again, regardless of nationality) are entitled to have their rents subsidised, under certain circumstances — the conditions as well as the income threshold is determined by cantonal authorities.

Generally speaking, in order to claim this help, you must prove that you live in the cheapest available housing in your area. (Needless to say, if you reside in a luxury apartment, you can’t ask for rent subsidy.)

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The amount of rent reduction will be set by the authorities.

Is any other help available?

If you can’t afford anything in Switzerland which, admittedly, is an extreme and rare situation for anyone working full-time and already receiving either health insurance or housing subsidy (or both), then your only other option is applying for welfare.

This, however, should be the absolute last resort if you want to remain in Switzerland and eventually apply for naturalisation, or even have your work permit renewed.

That’s because being on public assistance is grounds for refusal of citizenship — unless all the money is repaid in full in advance of your application.

READ ALSO: Can I still get Swiss citizenship after claiming social benefits?

What about disabilities?

This falls under the general social security scheme, so if you are working in Switzerland, then you are eligible to receive these benefits.

The only exception may be people from outside the EU /EFTA — unless your country of origin has concluded a social security agreement with Switzerland.

This link provides additional information about these countries.

If you qualify for disability (and medical records confirm this), you can apply for these benefits at the social security office of your canton.

There are some other things you should keep in mind as well:

Not all foreigners who have a residency permit can apply for financial assistance.

If you came to Switzerland on a temporary permit (L or B), then you don’t have access to any benefits.

And if you ‘bought’ your Swiss residency, you can’t resort to any public help either.

The condition of your stay in Switzerland is that you should be self-sufficient enough to live here without having to work or resort to welfare benefits.

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