Chinese presence lifts Philips sales

Dutch technology and health equipment giant Philips has said surging sales in China helped lift its profit by 12% in the third quarter of the year.

Adjusted earnings before interest, taxes and amortisation increased to €532m, said the maker of medical scanners and diagnostic gear. Sales rose 4% on a comparable basis to €4.1bn, missing the average estimate of analysts of €4.23bn.

“From a geographic standpoint, China was a star performer with double-digit growth in the period,” Natixis analyst Alain William said in a note. The company signed new strategic partnerships in the region, and saw business grow in the private hospital segment.