Philips had good financial year in 2015 but ended with bad quarter

In 2015 Philips made nearly 250 million euros more profit than a year earlier. The net profit last year was 659 million euros, which in 2014 was 411 million euros only. This is evident from the annual results of the Eindhoven electronics company.

Philips made a loss in the fourth quarter of 2015. The net loss in the last part of the year amounted to 39 million euros. This is partly due to higher taxes and some one-time pension costs.

For 2016, Philips expects a steady growth in sales. In 2015 the turnover was 7.1 billion euros, 9 percent more than in 2014.

Source: Studio040
Translation: Usha Shankar

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