Philips earnings rise 5% in 2007

Consumer electronics group Philips booked turnover of €27.8bn in 2007, a 5% pro forma increase on 2006.

Net profit reached €4.6bn, due largely to the €3bn book profit on the sale of chip maker TSMC and flat screen maker LG Philips LCD.
In the final quarter of 2007, Philips performed slightly better than analysts had forecast. In particular the closely-watched medical systems division met expectations with operating profit of €354m. Philips had given a profit warning for the unit in October.
CEO Gerard Kleisterlee said the results showed Philips was on course to meet its strategic targets – an average increase in profit of 6% and doubling of profit margins between now and 2010.

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