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Philips posts higher profits
FMCG SUPPLIER NEWS
Fin24 - Jul 24th 2012, 07:53
The Hague - Dutch electronics giant Philips on Monday posted higher than forecast second quarter net profits of €167m, thanks to a 13% jump in sales.
The results were a huge improvement over the company's dismal €1.35bn net loss in the same period last year.
Analysts interviewed by Dow Jones Newswires, had forecast the net profit at €105m for this year's second quarter.
Philips faces restructuring charges stemming from a cost reduction programme unveiled last year.
The company is known for its televisions, small appliances and light bulbs, but has begun to develop activities in the medical equipment sector.
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