Turnover at electronics giant Philips fell 3.5% in the third quarter of 2013 to €5.6bn, the company said on Monday.

Net profit was up from €105m to €281m, due to a cost cutting drive, including major job losses. 

Philips consumer lifestyle division accounted for a 9% rise in sales and lighting 3%, with healthcare flat.

‘This was another solid quarter for Philips, especially in light of the challenging global economic environment,’ chief executive Frans van Houten said.

Although the company is committed to reaching its financial targets this year, ‘ongoing headwinds in the global economy are expected to continue to affect sales growth in the coming quarters,’ Van Houten said in the statement.