Good second quarter for Philips as consumer product sales rise

Electronics giant Philips said on Monday it had sold more personal care products to consumers despite the economic crisis, and that its efficiency drive is beginning to pay off.

The company booked a 13% rise in consumer electronics sales, helping boost net profit from €102m in the 2012 second quarter to €317m this year. Turnover reached €5.7bn, a rise of 3%.

The company’s Accelerate cost-cutting programme has so far generated €673m in savings, the company said.

Chief executive Frans van Houten said in a statement he is pleased with the overall results but remains concerned about the uncertain economic situation.

‘We are concerned about economic uncertainties around the world; however, we remain committed to reach our financial targets this year,’ Van Houten said.

The figures were well received on the Amsterdam stock exchange where Philips rose 3.7% in early trading.

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