Signify sees profit fall

Source: Studio040

Signify, Philips’ former light business, saw a slight decline in earnings in the first quarter of 2020. That is what the Eindhoven-based company is letting us know.

Although the company’s sales have declined during the first quarter, Signify has been able to make a large profit on the products it has sold. As a result, the decline in earnings remains limited, despite the corona crisis. While the company earned 115 million euros in the first quarter of 2019, the numerator comes to a profit of 112 million euros in the first quarter of 2020.

Certainly an achievement for a business that requested a 20 per cent salary cut from employees. The company also says that the request to hand in twenty percent of the salary – and to work just as much less – has been accepted by about 85 percent of the staff.

Earlier in April, Studio040 was anonymously informed that employees didn’t have much choice in the matter and were placed under pressure to accept the cut in salary.

Source: Studio040

Translator: Ame Harris


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