Philips’ profits improved significantly this third quarter compared to the same period last year, the company announced today.
The electronics conglomerate reported a net profit of 281 million Euros, up from 105 million last year. Sales dropped a little to 5.6 million Euros.
The higher profits are the result of cost cuttings Philips implemented. The Lighting division sales were up and consumer electronics also did well. However, Healthcare segment’s orders and sales dropped.
Expected sales growth will be subdued by the continuing weak global economy in the coming quarters, says CEO Frans van Houten.