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.