Business News
Philips first quarter profits, sales fall
Apr 14, 2009, 8:24 GMT
Amsterdam - Dutch electrical giant Philips announced a first quarter loss of 57 million euros (76 million dollars) on Tuesday, admitting a 'further significant deterioration in our markets.'
The first quarter profit for 2008, by comparison, was 294 million euros.
Chief Executive Officer Gerard Kleisterlee said 'our medical- division sales are also now affected. In our first quarter, like-on- like sales from last year fell from 5.97 to 5.08 billion euros.'
Philips is the world's largest manufacturer of light bulbs, a major consumer electronics brand, and also has a significant medical technology operation.
Kleisterlee said he expected no significant improvement in the situation during the second quarter of 2009, and warned further cuts in the lighting division of the company could be considered.
An annual savings programme of 400 million euros has already been extended to 500 million euros.
Lower sales of the flat screen TV joint venture with LG Display were also blamed for the disappointing results.
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