Philips Electronics NV, a European consumer electronics company, posted its largest annual loss ever after it wrote down E3.26 billion (U.S. $3.49 billion) worth of its holdings.
Philips posted a loss of E3.2 billion for 2002. Sales last year dropped 2 percent to E31.8 billion. The annual loss compares to a shortfall of E2.6 billion for 2001. The company's fourth-quarter loss increased 44 percent to E1.53 billion. A sore spot for the company remains its semiconductor business, which had a loss of E537 million last year. (New York Times)
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