Philips Profit Lifted by Health Technology Business
July 25 2016 - 2:10AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Royal Philips NV on Monday reported a 57% rise in
second-quarter net profit as it benefited from a strong performance
of its health-technology operations and cost savings.
Net profit in the three months to the end of June was EUR431
million ($473 million), up from EUR274 million in the same period a
year earlier. Adjusted earnings before interest and taxes, the
company's preferred measure of its operational performance, rose 9%
to EUR544 million.
Sales dropped 2% to EUR5.86 billion, largely because of a
decline at its lighting business which was spun off through an
initial public offering in May. Comparable sales growth was 3%.
Philips reiterated its guidance for the remainder of this year,
saying it expects earnings to improve in the second half. The
company, however, said it was concerned about "increased risk due
to volatility in some markets."
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
July 25, 2016 01:55 ET (05:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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