Philips books net profit increase, runs into trouble with Lumileds deal

philipsDutch electronics giant Philips booked net profit of €324m in the third quarter, overturning a net loss of €102m in the year earlier period.

Turnover grew 2% to €5.8bn and operating profit reached €570m, Philips announced on Monday.

The company also said that the sale of its led components company Lumileds to a consortium led by the Chinese investment company Go Scale Capital has run into problems. The sale was announced in March and valued at €2.6bn.

The deal has been questioned by the US committee on foreign investment and both parties are now working on a new agreement, Philips said.

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