Philips says earnings more than doubled in Q3

PanARMENIAN.Net - The Dutch lighting and consumer electronics maker Royal Philips Electronics NV says its earnings more than doubled in the third quarter, thanks to modest growth at all its business lines — and the disposal of its loss-making television business, The Associated Press reported.

Net profit was €169 million ($220 million), up from €74 million in the same period a year ago, when Philips booked a €54 million loss on the television business. Sales rose 3.4 percent to €6.13 billion.

Philips, the world's largest lighting maker, said nearly a quarter of all lights sold are now LEDs.

The company's performance differed strongly by geography. In mature economies sales of consumer products and lighting sales dipped but sales of medical imaging machines grew.

In developing economies sales were up 10 percent in all categories, Philips said.