Amsterdam - Philips reported lower sales and income from its consumer lifestyle unit in the fourth quarter, where its CE business resides.

For the fourth quarter ended Dec. 31 sales were 2.7 billion euros down from the prior year's final quarter of 2.9 billion euros. Income for the unit was 137 million euros down from 260 million euros in the prior year's fourth quarter.

However the annual sales and income picture for the segment painted a different picture. Consumer lifestyle annual sales were 8.9 billion euros, up from the prior year's 8.5 billion, while profits were 595 million euros, up from 321 million euros for the prior year.

Excluding TV comparable sales in the fourth quarter declined 6 percent impacted by a different seasonality in license revenue and lower sales in audio and video, multimedia and accessories products, the company said.

Today Philips also reported it is selling off 70 percent of its European TV operations to Hong Kong-based TV and PC monitor manufacturer TPV to help curb profit declines.
Release Date: 
2011-04-18 18:41:39
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Abstract Web: 
Amsterdam - Philips reported lower sales and income from its consumer lifestyle unit in the fourth quarter, where its CE business resides.
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