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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Philips reports six-fold rise in profits AFP - Tuesday, July 20 Send IM Story Print Philips reports six-fold rise in profits THE HAGUE (AFP) - – Dutch electrical equipment and electronics giant Philips reported a six-fold rise in net profit to 262 million euros (340 million dollars) for the second quarter on strong sales in developing countries. Up from 45 million euros a year earlier and 201 million euros in the first quarter of this year, Philips said its profit was based on a 12 percent rise in sales from a year ago to 6.19 billion dollars. "Sales performance was especially strong in emerging markets," Philips president Gerard Kleisterlee said in a statement. "Emerging markets sales growth accelerates to 29 percent, now representing over one third of group sales," added the company's quarterly report. Sales grew in all sectors of the group's activities, especially in consumer lifestyle electronics which rose by 20 percent compared to the second quarter of 2009, while lighting sales grew by 13 percent, it said. Philips said its earnings before interest and tax (EBIT) grew 50-fold to 404 million euros from eight million euros in the second quarter of 2009. "It is encouraging to see that our performance continues to improve despite ongoing weakness in many global markets and economic uncertainty," said Kleisterlee. For the rest of the year, Philips expected sales to moderate, the statement said, partly due to the "continued but slow recovery in the US and Europe". For the first six months of the year, the company said its net profit rose to 463 million euros from a loss of 12 million euros in the same period the year before. Philips employs more than 116,000 people in more than 60 countries, manufacturing medical equipment and televisions, among other things. Recommend Send IM Story Print News Search Top Stories Boeing, Airbus take orders worth 9 bln pounds Moody's downgrades Ireland debt rating Philips reports six-fold rise in profits Philips report big profit on consumer electronics Matt Bettencourt captures PGA's Reno Open More Top Stories » Most Popular Most Viewed Most Recommended Paris Hilton caught with cannabis in handbag World pays tribute to Mandela at 92 Boeing's Dreamliner completes first flight outside US Boeing, Airbus take orders worth 9 bln pounds Emirates Airline to order over 30 Boeing 777s: report More Most Viewed » Reclusive top mathematician turns down prize, again Paris Hilton caught with cannabis in handbag Germany's 'Octopus oracle' keeps perfect record Who's right - the dolphin or the octopus? 3 Russian spy suspects due in US court More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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