Electronics giant Philips posted a loss of €59m in the first three months of this year, the company said in a statement on Tuesday.

‘In the first quarter of 2009 we have seen a significant further deterioration of our markets,’ CEO Gerard Kleisterlee said. ‘While the effects were felt most strongly in our activities that cater to the consumer market and to the construction and automotive industries, our healthcare sales are now impacted as well. We expect no material change to this situation in Q2.’
Turnover fell 17% to just over €5bn.
The company said it would increase its planned savings this year to over €500m with the emphasis on its lighting division.