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May 29, 2017

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Philips reports profit dive, setback for medical sales

THE HAGUE, The Netherlands--Electrical appliance group Philips reported a setback in its switch to focus on healthcare technologies on Monday, revealing that overall net profit slumped by nearly a quarter in the last three months.

But the group said that its traditional lighting business, driven increasingly by energy-efficient LED technology, was doing well.

Group second-quarter profit fell by 23 percent to 243 million euros (US$329 million) from the equivalent figure last year, and the group warned that trading conditions for the whole of this year would be difficult.

Overall sales fell by 5.0 percent to 5.3 billion euros.

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