Dutch electronics giant Philips has reported a net profit of €45m in the second quarter of 2009, a drop of 94% compared with the same period last year.
The results were higher than expected by analysts, who had predicted a net loss of €125m after a net profit of €732m in the second quarter of 2008.
Philips' turnover stood at €5.23 billion in the second quarter of 2009, down 19% from the same period last year, due to 'continuing weakness in consumer and professional markets', the group said.
'We did not see a material improvement in consumer or professional markets in the past three months,' said chief executive Gerard Kleisterlee. But he added that during the quarter, the company started to see the positive impact of 'strict cost management'.
Philips announced in January that it would cut 6,000 jobs worldwide to cope with the global slowdown. A company spokesman said all divisions would be affected by the job cuts.
