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Philips Q3 CE Sales Drop 1%

10/16/2006 02:40:00 PM Eastern

Netherlands — Philips Electronics’ third quarter 2006 consumer electronics sector saw sales drop 1 percent to about $3 billion.

Overall the company posted a net profit of $5.3 billion, however, the bulk of that came from the sale of its semiconductor business. When this number is removed Philips’ net profit drops to $321 million for the quarter, ended Sept. 30. Also battering the company’s results was a $331 million legal charge related to asbestos liabilities.

The company said growth in connected displays, peripherals and accessories was offset by lower sales in all other categories under this sector. The company’s quarterly report stated that Philips would start selling its remaining stakes in LG.Philips LCD and chip maker TSMC in 2007. The stakes are valued at more than $10 billion together.

Other product highlights for the quarter were the announcement that its first DECT phone for the Skype VOIP service would start shipping in December, that Philips showed a 100-inch Ambilight flat TV at the IFA consumer electronics show, and that it would provide China Electronics a license to market phones under the Philips brand of mobile phones for the next five years.

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