32.9% Philips quarterly profits plunge

Dutch

electronics giant Philips yesterday posted a 32.9 per cent fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year.

Net income dropped to €289 million from €431 million over the same period in 2016 “due to lower income from discontinued operations, and higher structuring and acquisition-related charges,” the Amsterdam-based company said. (AFP)