Philips Expects Double-Digit Growth in Asian Revenues
Feb 7, 2005
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Dutch electronics maker Philips expects double-digit growth in Asian earnings in 2005, despite a sharp decline in consumer electronics prices.
Andreas Wente, Philips' president and CEO for Asia Pacific, said the company would focus on higher margin products such as flat-screen televisions.
"We have realized double-digit growth in 2004 and that is a momentum we would like to continue in Asia," he said.
"Look around, overall GDP is growing 5 to 7 percent in many countries. That momentum will be continued into 2005," Mr. Wente said.
His comments come as the earnings of other electronics makers have come under pressure due to plunging prices for key products and intense competition. (AFX)
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