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Philips to Cut Costs
Dec 6, 2006
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Philips Electronics said on Tuesday it will cut about 75 million euros (approx. U.S. $99.8 million) in service and management costs by end-2007 and reiterated its targets for its main business units, according to Reuters.

The 2006 earnings before interest and tax (EBIT) margin for the consumer electronics unit is expected to be "slightly shy of 4 percent", the company said in a statement ahead of an analyst day. According to Reuters, it had previously forecast 3.5 to 4 percent.

It estimated a 2007 EBITA margin of about 3 percent for the consumer electronics unit, 15 percent for domestic appliances and personal care (DAP), 12 percent in lighting and 14-15 percent in medical systems.

Philips also said it would invest 100 million euros (approx. $133 million) for its corporate brand campaign next year.

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