Dutch electronics giant Philips booked a €103m loss in the third quarter of this year, on turnover down marginally at €5.5bn.

The company made an operating loss of €7m due to a fine for copyright infringement, declining sales in Asia and China, and the cost of reorganisations and takeovers. Excluding one-offs, the company would have booked operating profit of €536m, the Financieele Dagblad reported.

Chief executive Frans van Houten said he was ‘not happy’ with the results, which analysts say were not unexpected.

Philips said last month it is to break itself up to focus on healthcare products and consumer goods. One company will focus on health and technology and will have sales of €15bn. The other will include Philips lighting business and have annual sales of €7bn.