Dutch technology giant Philips saw its profits rise by 18% in the third quarter of 2016, mainly as a result of a 5% growth in its health-tech division.

Figures published by the company on Monday recorded net profits of €383 million. However, turnover fell by 5.3% compared to the third quarter of 2015.

In May Philips floated its lighting division as a separate company on the Amsterdam stock exchange in order to concentrate on its health-tech arm. The share price of Philips Lighting, which is still 70% owned by the parent company, fell by 5% on Thursday.

Chief executive Frans van Houten said in a statement: ‘Our prognosis for 2016 remains unchanged because we expect that our income will continue to grow in the fourth quarter. We are concerned about continuing instability in the markets that we are active in.’