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Philips posts Q2 net profits of 167 million euros

Philips posts Q2 net profits of 167 million euros

By Reuters | Updated: 23 July 2012 14:10 IST

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Dutch electronics giant Philips on Monday posted higher than forecast second quarter net profits of 167 million euros ($202 million), thanks to a 13 percent jump in sales.

The results were a huge improvement over the company's dismal 1.35 billion euro net loss in the same period last year.

Analysts interviewed by Dow Jones Newswires, had forecast the net profit at 105 million euros for this year's second quarter.

Chief executive officer Frans van Houten said: "A decline in Europe was more than offset by increases in the rest of the world", but added there was no "denying that the global economy is weaker now than it was just three months ago, especially in Europe."

Philips faces restructuring charges stemming from a cost reduction programme unveiled last year.

The company is known for its televisions, small appliances and light bulbs, but has begun to develop activities in the medical equipment sector.

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Further reading: Europe, Frans van Houten, Philips, profits, second quarter