Philips makes a record loss

Philips has recorded its biggest ever loss because its acquisitions have lost so much in value.

Europe's largest consumer electronics manufacturer has posted a full-year net loss for 2002 of €3.21bn, far more than last year's figure of €2.6 bn.

But Philips' earnings from regular operations swung to a profit of €420m from a loss of €1.4 bn in 2001.