Philips books quarterly loss

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The Independent Online

Philips slumped to a €1.3bn (£1.1bn) loss in the second quarter after booking a €1.4bn write-down, mostly on its lighting and healthcare businesses, the electronics giant said yesterday.

The Dutch conglomerate said the €1.4bn charge was down to the weak market outlook and lower forecasts at four units.

Philips chief executive Frans van Houten, who also announced a €500m cost-cutting drive yesterday, struck a cautious note. "We don't expect a material performance improvement in the near term as operational risks and issues remain, and also considering the current uncertain economic environment," he said.