Earnings growth lights up Philips

Dutch lighting and consumer electronics firm Royal Philips Electronics said today that its earnings more than doubled in the third quarter, thanks to modest growth in all its business lines – and the disposal of its loss-making television business.

Net profit was €169m, up from €74m in the same period a year ago, when Philips recorded a €54m loss on its television business.

Sales rose 3.4% to €6.13bn.

Philips, the world’s largest lighting maker, said nearly a quarter of all lights sold are now LEDs.

The company’s performance differed strongly by geography. In mature economies sales of consumer products and lighting sales dipped but sales of medical imaging machines grew.

In developing economies sales were up 10% in all categories, Philips said.