Dutch healthcare and lifestyle technology group Philips has reported a jump in net profits in the third quarter, despite a fall in sales at its consumer electronics division.
Net profit almost trebled to €4.2 billion, mainly because if the sale of 80% of its semiconductor division. But overall sales rose by just 1% to €6.3 billion, lower than analysts had expected.
Operating profit as measured by earnings before interest and tax plunged, however, to €25m from €353m owing to a charge of €265m related to asbestos-related product liabilities.
Known for decades for household electrical goods, Philips is transforming its business to focus on healthcare and lifestyle technology.
