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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Electronics giant Philips in 57 mln euro loss AFP - Wednesday, April 15 THE HAGUE (AFP) - - Dutch electronics giant Philips reported a 57 million euro net loss for the first quarter of 2009 and warned the economic crisis would further hurt business in the months ahead. ADVERTISEMENT The 76 million dollar net loss was accompanied by a 17 percent decline in sales to 5.1 billion euros. Philips saw net profit of 294 million euros during the same period last year. The results correspond to forecasts from eight analysts questioned by Dow Jones Newswires who predicted a figure between a net loss of 98 million euros and a net profit of 28 million. "In the first quarter of 2009 we have seen a significant further deterioration of our markets," CEO Gerard Kleisterlee said in a statement. "While the effects were felt most strongly in our activities that cater to the consumer market and to the construction and automotive industries, our healthcare sales are now impacted as well. We expect no material change to this situation in quarter two." A cost-reduction programme launched last year that includes cutting 6,000 jobs will allow the company to save 500 million euros at year's end instead of 400 million as previously reported, Kleisterlee said. It reported a loss before interest, tax and amortisation (Ebita) of 74 million euros compared to a profit of 265 million euros in the first quarter of last year. The company said that it had 5,126 fewer jobs in the first quarter than the previous one due to both structural changes and seasonal reductions. Philiips' sales slide has come with the global economic crisis taking a toll on demand. Its medical unit sales were down two percent, the company said, while consumer electronic sales dropped 25 percent to 1.8 billion euros. Lighting division sales fell 19 percent to 1.5 billion euros. Email Story IM Story Printable View Blog This Recommend this article 2 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A Philips' stand at a trade fair. Dutch electronics giant Philips on Tuesday reported a 57 million euro (76 million dollar) net loss for the first quarter of 2009 and a 17 percent decline in sales to 5.1 billion euros. Most Popular – Top Stories Viewed Police nab Norwegian pair during high-speed sex Harry Potter actor arrested over cannabis find Goldman Sachs posts forecast-busting earnings Mummies found in ancient Egypt burial chamber General Motors stock skids on bankruptcy reports View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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