Royal Philips Electronics NV posted a narrower loss in the third-quarter, helped by cost reductions. The European consumer-electronics maker stuck to its full-year profit outlook.
The net loss was 330 million euros (U.S. $326 million), or $0.25 a share, compared with 736 million euros, or $0.57, a year
earlier. The company took a 339 million-euro writedown on its stake in Vivendi Universal SA, Chief Financial Officer Jan Hommen said.
The Amsterdam-based company is cutting capital spending by more
than half to about 1 billion euros this year and announced plans
last week to disband an unprofitable unit that makes displays and
speakers for mobile phones. Philips has shed more than 15 percent of its workforce in 2 years to counter a slump in demand for semiconductors and parts for handsets and computers. (Bloomberg News)
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