Weak sales dent Philips profits
Royal Philips NV, the maker of lights, home appliances and healthcare equipment, has reported lower first-quarter earnings due to weak sales and one-time gains compared with the same period a year ago.
The Netherlands-based company said its underlying margins have improved due to cutting costs.
Net profit was ā¬162m, down from ā¬183m in the first quarter of 2012, when the company had ā¬172m in one-time gains, notably from the sale of its Senseo coffee maker brand.
Company-wide sales fell by 1% to ā¬5.26bn.
āWe reiterate our view of a slow first half to 2013, due to adverse market trends, especially in Europe and the US,ā said chief executive Frans van Houten in a statement.
