Dutch consumer electronics giant Philips has reported profits of €616m for the second quarter of this year, a huge increase compared with the same period last year.
The group said the strong earnings, up from only €42m in the second three months of 2003, came from returns to profit in its semiconductors and consumer electronics divisions, growth in lighting and a strong contribution from affiliate companies.
Philips chief executive Gerard Kleisterlee said the company was on its way to sustained profitability and
growth. The figures were higher than expected.
Philips' second quarter sales stood at €7.28 billion, an increase of 11% on the same period a year earlier. The company said it expected sales growth of 7-8% in the second half.
