World Economy

Philips Slashes Profit

Philips Slashes ProfitPhilips Slashes Profit

Dutch electronics giant Philips on Tuesday announced profits slashed by almost two-thirds after a “challenging” 2014, blamed on ever-slowing markets in China and Russia and unfavorable exchange rates, the Consumer reported. Annual net profit tumbled from 1.17b euros ($1.33b) in 2013 to 411m euros ($462m), the company said in a statement, after issuing a profit warning on January 13.