Dutch electronics giant Philips issued a trading update on Tuesday warning of disappointing growth in the fourth quarter of 2011.

Group sales for the quarter are expected to show mid single-digit comparable growth over the fourth quarter of 2010. Operating profit will reach €500m, compared with €913m in the 2010 fourth quarter, the company said.
‘Our expected fourth quarter financial results have been affected by the weakness in Europe, which has impacted our healthcare business, as well as pricing in our consumer lighting business,’ said CEO Frans van Houten in a statement.
The company will publish definitive 2011 results on January 30.