Dutch consumer electronics giant Philips says its net profit surged 60% in the second quarter compared with a year earlier, largely due to the sale of its shares in digital map data firm Navteq.
Net profit rose to €983m from €616m a year earlier, but the company said operating income dropped 59% to €147m, largely due to weak consumer demand in western Europe. The figures were in line with the expectations.
Sales declined 3% to €7.09 billion. The fall was particularly marked in Europe, where a 6% drop was recorded.
