Poor tv sales pressure Philips profit

Electronics firm Philips on Monday announced pre-tax profit for the first quarter fell to €265m, down from €307m in the same period last year and lower than the €305m expected by most analysts.

Turnover reached almost €6bn, in line with forecasts.
Poor sales figures for tvs put pressure on the first quarter results and Philips expects margins in this sector to remain tight because of economic problems in some regions. The company announced last week it would no longer sell tvs on the US market.
Philips’ healthcare and lighting divisions performed better than expected in the first quarter, booking pre-tax profits of €121m and €200m. The company has increased its long-term profit forecast to between 10% and 11% in 2010.

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