Dutch electrical equipment maker Philips has reported a 421% surge in second quarter net earnings to €1.57 billion. It attributed the jump to the sale of a stake in the Taiwanese semi-conductor group TSMC.
Sales fell 4.4% to €6.1 billion compared with the second quarter of 2006. The results were in line with expectations.
Philips began a move to sell its shares in TSMC, in which it had a 16.2% stake, in March.
The company could also sell more of its shares in NXP, a semiconductor company in which it sold a large stake in 2006, as well as its 20% holding in LG Philips, a manufacturer of liquid crystal screens, said Philips finance director Pierre-Jean Sivignon.
