Philips net income surges to €616m

Royal Philips Electronics NV, Europe’s largest consumer-electronics maker, reported its biggest quarterly profit in more than three years on flat-screen and semiconductor sales, and predicted growth in the second half.

Second-quarter net income surged to €616 million ($761m), or 48 cent a share, from €42m, or 3 cent, a year earlier, chief financial officer Jan Hommen said in a conference call. Sales rose 11% to €7.28bn.