Dutch electronics giant Philips has reported a €57m net loss for the first quarter of 2009 and a 17% decline in sales to €5.1 billion. The company reported a net profit of €294m during the same period last year.
'In the first quarter of 2009 we have seen a significant further deterioration of our markets,' CEO Gerard Kleisterlee said in a statement.
He said the effects were felt most strongly in businesses which cater to the consumer market and to the construction and car industries. But he added that Philips' healthcare sales were also now being affected. 'We expect no material change to this situation in quarter two,' Mr Kleisterlee said.
