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Philips reports US$1.9b loss in Q4
Source: Agencies |
January 26, 2009, Monday
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ROYAL Philips Electronics NV, the world's largest lighting maker, today reported a fourth-quarter loss of €1.47 billion (US$1.9 billion) and blamed weak global economic conditions for poor business performance, asset write-downs and restructuring charges.
Philips is also one of the world's largest makers of medical equipment and consumer electronics.
The Amsterdam-based had posted a profit of €1.40 billion for the same period a year earlier, when Philips booked €1.2 billion in gains on the sale of stakes in companies.
In 2008, however, the company said it had to write down the value of stakes it holds by more than €1 billion.
Sales fell 9.7 percent to €7.62 billion, Philips said.
"The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," Chief Executive Gerard Kleisterlee said in a statement.
Philips is also one of the world's largest makers of medical equipment and consumer electronics.
The Amsterdam-based had posted a profit of €1.40 billion for the same period a year earlier, when Philips booked €1.2 billion in gains on the sale of stakes in companies.
In 2008, however, the company said it had to write down the value of stakes it holds by more than €1 billion.
Sales fell 9.7 percent to €7.62 billion, Philips said.
"The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," Chief Executive Gerard Kleisterlee said in a statement.
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