Philips Q3 net profit triples

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.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation