Dutch electrical equipment and electronics giant Philips has reported a six-fold rise in net profit to €262m for the second quarter, helped by strong sales in developing countries.
The profit was up from €45m a year earlier and €201m in the first quarter of this year. Philips also reported a 12% rise in sales from a year ago.
'Sales performance was especially strong in emerging markets,' Philips president Gerard Kleisterlee said. He said sales in this area rose by 29%, and now represented more than a third of group sales.
Sales grew in all sectors of the group's activities, especially in consumer lifestyle electronics, which rose by 20% compared with the second quarter of 2009. Lighting sales grew by 13%.
For the rest of the year, Philips expected sales to moderate, partly due to the 'continued but slow recovery in the US and Europe'.
Electrolux Q2 profit climbs 56%
Electrolux, the second-biggest global maker of household electrical equipment, has reported a 56% rise in net profit for the second quarter of this year. The company said that this represented a record result for a second quarter.
The outcome was slightly better than analysts had expected, but sales were little changed from the level for the same period last year. The net profit for the quarter was 1.03 billion kronor (€108m) from 658 million kronor in the same quarter of 2009.
Chief executive Hans Straaberg said all of its business areas were showing improved profitability. 'We are selling more advanced products and are step by step improving our position in the important premium segment,' he added.
