Currency effects, problems in Russia and China hit Philips’ earnings
Dutch electronics group Philips booked lower earnings and turnover in the first three months of this year, saying currency effects and problems in China and Russia were to blame.
Net profit reached €137m in the first quarter, down 15% compared with the same period in 2013. Turnover fell 4.5% to just over €5bn. In some territories, currency effects depressed sales by some 5%.
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