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Wednesday, January 27, 2016, Magh 14, 1422 BS, Rabius Sani 15, 1437 Hijri

Electronics giant Philips posts 2015 profit up 55pc
Published :Wednesday, 27 January, 2016,  Time : 12:00 AM  View Count : 25

HAGUE, Netherlands, Jan 26: Dutch electronics giant Philips Tuesday unveiled solid net profits for last year, up 55 per cent on 2014 driven by increased sales in its healthcare and lifestyle business as its seeks to shed its historic lighting section.
Total net profit attributable to shareholders was 645 million euros ($700 million) compared to 415 million euros in 2014, with sales up to 24.2 billion euros amid rising orders in North America and Europe, the company said.
That represented a 13.3-per cent hike in sales over the previous 12 months, which dropped to 2 per cent when adjusted for comparable exchange rates and other changes.
"Overall 2015 was a solid year for Philips, as illustrated by consistent performance improvements in the face of ongoing" economic challenges, said chief executive officer Frans van Houten.
Sales of medical equipment such as magnetic resonance imaging scanners also leapt by 4 per cent once rates were adjusted.
Van Houten predicted "moderate sales growth" for the Amsterdam-based firm in 2016 as it seeks to streamline operations by splitting its healthcare-lifestyle business from its lighting section.
The lifestyle business has been steadily growing as health conscious consumers snap up everything from electric toothbrushes to kitchen appliances.
The restructuring is expected to be completed this year, with analysts predicting Philips could eventually sell off what was one of its core businesses for many years.    ?AFP

Editor : Iqbal Sobhan Chowdhury
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