Philips Q3 net profit triples
Monday 12 October 2009
Electronics group Philips reported a better than expected third-quarter figures on Monday as a result of cost reductions but said its short term outlook was still 'cautious'.
Sales were down 11% quarter on quarter at €5.6bn, but this was an improvement on the 19% decline in Q2, Philips said. Net profit tripled to €176m.
Pre tax earnings reached €344m, compared with €57m in the same quarter last year. Estimates from analysts polled by Reuters ranged from €29m to €176m.
'The decisive action we took at the end of 2008 to focus on cost and cash management is increasingly becoming visible in our performance,' CEO Gerard Kleisterlee said in a statement.
Philips is in the process of cutting 6,000 jobs this year to cope with the recession. It hopes the jobs cuts will generate savings of €500m.
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