Electronics giant Philips posts 15 pct leap 2Q profits

THE HAGUE: Dutch electronics giant Philips Monday posted a 15 per cent hike in net profits for the second quarter, just months after listing its lighting division separately on the Amsterdam bourse.

Net profit from its continuing operations leaped to 186 million euros (US$218 million) from April to June, compared to 161 million euros in the same period in 2017, the company reported.

Sales reached 4.3 billion euros, up some 4 per cent on last year, Philips said, highlighting orders had also risen by 9.0 per cent.

Best known for the manufacture of light bulbs, electrical appliances andtelevisionsets,theAmsterdambased company has gradually pulled out of these activities in face of fierce competition from Asia.

It focuses now more on high-end medical and health technology, such as computer tomography and molecular imaging, as well as household appliances.

“I am pleased with the continued strong performance improvement of the diagnosis and treatment businesses,drivenbythebreadthof our innovative product portfolio,” chief executive officer Frans van Houten said in a statement.

The group, which sold its first light bulb a few years after it was founded in 1891, moved to list its Philips Lighting division, now known as Signify, in mid-2016 which joined the Amsterdam stock exchange, the top-tier AEX, in March this year. — AFP