Dutch electronics group Philips' fourth quarter results have beaten expectations, helped by cost savings and a return to profitability at all its five divisions.
Net profit improved to €598m, compared with a loss of €1.53 billion a year earlier. Sales rose to just over €9 billion, also ahead of market expectations. Nominal growth in sales was 1% and currencies had a negative effect of 8%.
Operating profit rose to €608m from €47m a year earlier, with the semiconductors division improving to a profit of €166m from a loss of €304m.
Earlier this year Philips announced the closure of its European accountancy services centre in Leopardstown, Co Dublin, with the loss of 150 jobs. The company intends to move its operation to Poland.
