Profit increase for Philips

EINDHOVEN – Philips has made profits of 170 million Euros in the third quarter of the year. The revenue in the reporting period was 6.1 billion Euros. Operating profit (EBITA) amounted to 450 million Euros. 

A year ago, the company achieved a profit of 74 million euros and a turnover of 5.4 billion euros. Analysts on average were expecting a turnover of 5.9 billion and a profit of 139 million euros.The Healthcare sector saw sales in the third quarter increase by 7 percent annually. In Consumer Lifestyle this was 3 percent and 4 percent in Lighting.Philips indicates that it continues to feel the global economic downturn and in September it announced further personnel reductions (2200 jobs worldwide), in addition to the 4500 employees announced previously. The additional job losses should lead to further cost savings of 300 million euros.The company is aiming for a growth of 4-6% and an EBITA margin of 10-12% in 2013. Van Houten said that growth in Europe at this time is not possible. Economic downturn is also being felt in  China and the United States, in the latter country due to  delays including the elections. Growth is possible the Middle East and Southeast Asia.

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