Third quarter sees Philips' earnings increase, aided by growth economies
October 23, 2012, 12:01 am TWN
AMSTERDAM--The Dutch lighting and consumer electronics maker Royal Philips Electronics NV says its earnings more than doubled in the third quarter, thanks to modest growth at all its business lines — and the disposal of its loss-making television business.
Net profit was 169 million euros (US$220 million), up from 74 million euros in the same period a year ago, when Philips booked a 54-million-euro loss on the television business. Sales rose 3.4 percent to 6.13 billion euros.
Philips, the world's largest lighting maker, said nearly a quarter of all lights sold are now LEDs.
The company's performance differed strongly by geography. In mature economies sales of consumer products and lighting sales dipped but sales of medical imaging machines grew.
In developing economies sales were up 10 percent in all categories, Philips said.