Q3 core profit rises 12%

Business


Dutch health care technology company Philips said on Monday its core profits in the third quarter rose 12 percent to 532 million euros ($626.1 million), as strong growth in China pushed comparable sales up 4 percent.

The profit increase was the result of savings and strong sales growth in China and other emerging markets. Sales in North America were flat at current exchange rates, while they decreased 6 percent in Western Europe.

Philips, which spun off its lighting division last year to focus on medical devices and healthcare products, recorded total sales of 4.1 billion euros, while net income from continued operations rose 23 percent to 263 million euros.

Adjusted earnings before interest, taxes and amortization (EBITA) were in line with analyst expectations, but sales growth fell short of the 4.5 percent forecast in a Reuters poll.



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