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Philips Profits Plunge 32.9%

Philips Profits Plunge 32.9%Philips Profits Plunge 32.9%

Dutch electronics giant Philips on Monday posted a 32.9% fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year, AFP reported. Net income dropped to €289 million (%336.4 million) from €431 million over the same period in 2016 “due to lower income from discontinued operations, and higher structuring and acquisition-related charges,” the Amsterdam-based company said. But sales grew some 4% to €4.3 billion, with chief executive officer Frans Van Houten saying “performance in the second quarter of 2017 was solid”.

 

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