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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 鈧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 鈧1.40 billion for the same period a year earlier, when Philips booked 鈧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 鈧1 billion.
Sales fell 9.7 percent to 鈧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 鈧1.40 billion for the same period a year earlier, when Philips booked 鈧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 鈧1 billion.
Sales fell 9.7 percent to 鈧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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