Philips suffers €1.3bn loss

Lightbulbs-to-TV firm Philips today revealed it had slumped to a €1.3bn loss after it wrote down the value of some of its businesses amid the squeeze in consumer spending.

Sales in its consumer lifestyle division were down 2% in its second quarter as falling sales of entertainment products, such as stereos and DVD players, were only partly offset by an “encouraging” rise in its other products including shavers and electric toothbrushes.