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Consumer electronics and appliance maker Royal Philips Electronics reported net profit of 498 million euros (approx. $651.2 million) in the fourth quarter of 2004, down 17 percent from 598 million euros (approx. $778.9 million) in 2003.
The company said sales in 2004 increased 2 percent to 9.1 billion euros (approx. $11.9 billion). Full-year net profit was 2.84 billion euros (approx. $3.7 billion), up from 695 billion euros (approx. $905 billion), and sales rose 4.5 percent to 30.3 billion euros (approx. $39.6 billion).
According to Philips, the earnings came from fewer impairment charges and good performance at unconsolidated companies, including LG.Philips, Philips' joint venture in LCD display screens.
"2004 was a year of major progress for Philips," said Gerard Kleisterlee, president and CEO. "With the consistent execution of our management agenda for 2004, we also took an important step forward in implementing our strategy to transform Philips into a truly market-driven healthcare, lifestyle and technology company."
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