Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Philips Posts Third-Quarter Profit
Oct 15, 2003
 Printable format
 Email this Article
 Search

Philips, Europe's largest electronics manufacturer, swung to a profit in the third quarter, due mostly to its minority holdings in other companies.

Philips said it earned euro124 million (U.S. $144.5 million) in the July-September period in contrast to a net loss of euro330 million in the
third quarter of 2002. In the latest quarter, it booked profit of euro239 million ($278.6 million) from its stakes in, among others, Taiwan
Semiconductor Corp., Atos Origin of France and LG Philips LCD, its South Korean joint venture with LG Electronics Inc.

Philips blamed a 4-percent fall in sales to Euro6.99 billion ($8.15 billion) from euro7.31 billion on the weak dollar and the divestment of operations since last year. It said that without these factors sales would have risen 6 percent. Philips said it has cut costs and expects to make an operating profit in 2003. It said its semiconductor and consumer electronics divisions
would be profitable in the fourth quarter, after posting losses in the third quarter.

But the Amsterdam-based company was less optimistic for its North American consumer electronics arm, saying it would be "around break-even" in the fourth quarter, due to price erosion and competition. Philips had previously
said the subsidiary would make a profit. For the first 9 months of the year, Philips earned euro97 million ($113 million) in contrast to a loss of
euro1.676 billion a year earlier. Sales fell to euro20.0 billion ($23 billion) from euro22.9 billion. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Dec 22, 2014: DOE's Building Technologies Office releases Roadmap for Emerging HVAC Technologies

Dec 19, 2014: Whirlpool Corp. provides guidance for 2015

Dec 19, 2014: Panasonic to showcase built-in appliances at LivingKitchen 2015

Dec 19, 2014: New residential construction in November 2014

Dec 19, 2014: 2014 U.S. steel production up 0.7% from 2013

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: Appliance Magazine Market Insight Annual Subscriptions
November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows