European electronics giant Philips has reported net profits of €2.86 billion for last year, up slightly from €2.83 billion a year earlier.
Sales of Philips products, which range from light bulbs to flat-screen television sets, semi-conductors and medical equipment, edged up to €30.4 billion from €30.3 billion. Looking ahead, Philips forecast sales would increase by 5% to 6% this year.
Full-year operating profit for 2005 increased by 10% to €1.8 billion. In the fourth quarter of 2005, the group saw operating profit soar from €14m to €971m, but the year-earlier figure was affected by an exceptional charge of €576m linked to the US company MediQuest, in which Philips owns a 71% stake.
