Dutch electronics giant Philips today reported a more than three-fold rise in net income for 2010 due to increased emerging market sales.
Net profit attributable to shareholders for the year was €1.45 billion, up from €410m in 2009, the company said in a statement. Comparable sales rose 4% to €25.4 billion, with the strongest growth, of 12%, in emerging country markets.
'2010 was an eventful and overall positive year for Philips,' chief executive officer Gerard Kleisterlee said, despite 'negative consumer sentiment in developed markets'.
Philips, a manufacturer of medical equipment, televisions and lighting systems, employs about 119,000 people in over 60 countries.
Philips also said today it had purchased leading Indian kitchen appliance maker Preethi for an undisclosed amount to become the leader in India's fast-growing market.
The Preethi business is based in the southeastern city of Chennai and employes around 850 people.
'This will make Philips the clear leader in this specific fast-growing segment within the Indian domestic appliances market,' it added.
