Philips concerned about uncertainty on financial markets

Philips expects better results in the coming months, but is still concerned about turmoil in the financial markets, the technology company said on Monday with the presentation of its quarterly results. I the previous quarter Philips turnover amounted to 5.86 billion euros, a 2 percent decrease to the same quarter last year, ANP reports.

After adjustment for once-off items, Philips operating profit improved by 43 million euros to 544 million euros. Net profits increased from 27 million euros to 431 million euoros.

CEO Frans van Houten is pleased with these results, but warns that political and economic turmoil on the financial markets can put the timing and proceeds from planned sales under pressure. This includes sharers in Philips Lighting and the sale of Lumileds, expected to happen in the coming months.