Dutch electronics giant Philips today reported a fourth-quarter net profit of €260m compared with a loss of €1.17 billion a year earlier, citing reduced costs and earnings growth.
The result was better than expected by analysts, who had predicted net profits of €255m.
Philips reported a 25-fold increase in earnings before interest, tax and amortisation (EBITA) of €662m.
'Thanks to the increased resilience of our company, we ended the year with a strong fourth quarter,' said Gerard Kleisterlee, Philips' president and CEO. He said the results left him confident about the firm's future performance.
'While today's economic circumstances do not allow for a reliable prediction of future developments, I am confident that based on our fourth quarter performance, the strength of our portfolio of globally leading businesses and our engaged workforce, 2010 will be a year of further progress towards becoming the leading company in Health & Well-being,' he said.
Sales for the three months to December stood at €7.26 billion, a drop of 5% from a year earlier due to foreign exchange factors. Net profits for the year totalled €424m compared to a net loss of €95m in 2008, with 2009 sales 11% lower at €23 billion.
