Electronics giant Philips posted a loss of €1.3bn in 2011, compared with net profit of €1.4bn a year earlier. Full year comparable sales were up 4% at €22.6bn, the company said.

Philips issued a profit warning earlier this month, partly blaming the weak European market. The sale of its television business also impacted on the results.
‘We are cautious about 2012 given the uncertainty in the global economy, and Europe in particular,’ said CEO Fred van Houten in a statement. ‘In addition, we expect our 2012 results to be affected by the restructuring charges and one-time investments aimed at improving our business performance.’
The company is currently involved in a reorganisation which will lead to 4,500 of its 120,580-strong global workforce being cut.