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Philips trims quarterly losses
AMSTERDAM, Netherlands -- Philips Electronics, Europe's largest consumer electronics maker, said on Tuesday that losses narrowed in the third quarter and restated it would make a profit for the full year despite a weak market. Philips, which is also the region's biggest lighting manufacturer and third largest semiconductor maker, said cost-cutting measures helped it reduce net losses to 330 million euros ($326.1 million) between July and September from 736 million euros a year earlier. The Dutch company also said it wrote off 387 million euros, mainly related to its 3.5 percent stake in loss-making media giant Vivendi Universal. Philips reiterated that reduced costs would result in operating and net profits for all of 2002. The group -- which makes chips for Nokia, Ericsson and Sony -- posted a loss of 2.6 million euros in 2001 as the semiconductor sector suffered its worst slump. "Underlying performance in our businesses has improved as a result of cost controls and better operating efficiencies, which is fundamental as we do not see much of an economic improvement in the near future," Chief Executive Gerard Kleisterlee said in a statement. Philips lost 64 million euros in the second quarter, down from a 255 million euro loss in the same period a year earlier. The group has cut its workforce by 15 percent in the past two years to deal with the declining sales. Philips shares were up 11.7 percent to 16.75 euros in afternoon Amsterdam trading on Tuesday.
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