Philips sales and profit down in Q1

Philips reported that sales and profit were lower in the first quarter of 2014 compared to last year’s.

Net income was 137 million Euros, 15 percent down. The 5 billion Euros in sales also meant a decline of 4.5 percent.

CEO Frans van Houten comments: "Our first-quarter financial results reflect a challenging start of the year. Significant currency impact, market headwinds in, among others, China and Russia, and a the business impact of the voluntary suspension at our healthcare production facility in Cleveland resulted in flat comparable sales growth and a decline in EBITA as a percentage of sales of 130 basis points. We recorded a lower level of profitability at Healthcare, whereas Lighting and Consumer Lifestyle continued to deliver a year-on-year operational margin improvement."

At Lighting, LED-based sales grew by 37 percent, compared to 2013.

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