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Philips returns to profit in 2012, sells entertainment firm for health focus

AFP
January 30, 2013, 12:07 am TWN

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THE HAGUE--Electronics giant Philips on Tuesday reported 2012 net profits of 231 million euros (US$311 million), after losses of 1.29 billion euros in 2011, and announced the sale of its entertainment business to focus further on health products.

Company profits were nevertheless hit by a loss of 355 million euros in the fourth quarter because of a one-off 509-million-euro European Commission fine for cathode ray price fixing, Philips said in a statement.

Under the entertainment deal, Philips long-term partner Funai will pay 150 million euros plus an unspecified license fee to use the Philips brand in audio, multimedia and accessories for an initial period of five and a half years, with an option to renew for five years.

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