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Philips Reports 1Q Profit Loss
Jul 15, 2008
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Royal Philips Electronics NV said its second-quarter profit fell to 720 million euros (approx. US$1.14 billion), down from 1.57 billion euros in the same quarter last year. Sales rose 6% to 6.46 billion euros ($10.23 billion), driven by sales of lighting and televisions in emerging markets that were boosted by viewer interest in the Euro2008 football championship. Chief Executive Gerard Kleisterlee said in a statement that sales showed "the quality and the resilience of our overall business portfolio in a rapidly deteriorating macro-economic environment." Sales of lighting and televisions were particularly strong in Latin America, Eastern Europe, and India, pushing emerging market sales up by 16%.

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