Philips Reports Lower Profit On Higher Q3 Sales

By TWICE Staff -- TWICE, 10/16/2007

Amsterdam — Philips reported its third-quarter sales rose 3.3 percent to $9.25 billion and net profit fell to $470 million.

Revenue at the consumer electronics division, which makes televisions and DVD players and is Philips’ largest unit, rose 4.7 percent to $3.5 billion in the period.

Philips, also Europe's largest maker of televisions, cut its stake in its LG.Philips LCD joint venture to 19.9 percent from 32.9 percent on Oct. 10.

Philips credited the sales growth on its lighting and domestic appliance divisions and lower overhead costs associated with its divesture of its semiconductor business last year. The lighting sector is expected to drive the company’s sales for the remainder of the year as consumer demand for energy-saving light bulbs continues to increase, the company said.