Philips Lighting posted higher second-quarter earnings but higher sales of LED lighting failed to compensate for the decline in the market for conventional lighting, news website Nu.nl reported.
Turnover fell by 2% in the second quarter of 2017 to €1.7bn. Sales of standard light bulbs fell by 20%, while turnover from LED lighting rose by 23%. Sales of home LED lighting systems were 15% higher but turnover from professional LED lighting systems fell off by 2.3%.
While market conditions remain uncertain, Philips Lighting is upbeat about growth for full-year 2017 which will include several large-scale infrastructure projects in the US.
The second quarter, was less successful particularly in smaller projects. ‘The market is there, but clients are sometimes hesitant to make decisions about investments,’ Philips Lighting director Eric Rondolat said.
Profitability increased on all fronts with second-quarter net profit coming in at €73m, more than 25% higher than in the year-earlier period.
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