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Philips ‘on track’ with financial targets

Sale of stakes boosts Q3 net income

Net profit at Dutch electronics giant Philips was up by 23 percent in the third quarter, boosted by one-off gains from the sale of several non-core assets.

Net income was €1.44bn ($1.73bn as of 30 September, the last day in the period being reported), up from €1.17bn a year earlier, Philips said on Monday in a statement. The sale of stakes in companies including LG, Taiwan Semiconductor Manufacturing and Atos Origin contributed €1.09bn to the gain in group profits.

The Dutch manufacturer reported a five percent increase in third-quarter sales from €7.23bn to €7.63bn.

Sales of consumer electronics products, one of Philips core businesses, was €2.54bn, compared with €2.28bn in the same period a year earlier.

Third-quarter sales of semiconductors, another core business, were up slightly from €1.17bn to €1.19bn.

Despite a slow first half-year, Philips president and CEO Gerard Kleisterlee said in a statement that the group is “on track” with its financial targets.


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