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Philips Expected To Report Loss In Q1 Operations

AMSTERDAM, THE NETHERLANDS -Citing weakness in the U.S. economy and the slowdown in telecommunications and personal computer markets during the first quarter, Royal Philips Electronics said its consumer electronics division is expected to report negative income from operations in the first three months of 2001.

At the same time, Philips said the operational performance of its domestic appliances division, excluding acquisition charges, will be equal to or better than last year.

The company’s financial results are also being impacted by the low level of LCD prices, said Philips, which said it has reacted quickly to the new market circumstances by adjusting cost structures to revenue levels where possible, by cutting back capital spending and by tightly managing working capital.

Philips will reveal full financial results for its first quarter on April 17.