Philips sees ‘modest’ full year growth, Q1 net profit down 27%
Dutch electronics giant Philips booked net profit of €100m in the first three months of 2015, a drop of 27% compared with a year ago.
Turnover rose 13% to €5bn due to positive currency effects and acquisitions, the company said in a statement.
Philips expects ‘modest’ growth in sales over 2015 as a whole and intends to increase its profit margins with further cost savings.
The company said at the end of March it was selling a majority stake in its led and car lighting activities to Chinese American venture capital group for €2.7bn.
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