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Monday 20 October, 2014 | TEXT_NEWS_RSS_FEED

China and Russia put the soft market demand frustrated Philips Q3 earnings

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Exchange rate poor, weak demand in China and Russia, leading to Philips earnings as expected, a loss.

Philips 20 announced third quarter (July-September) earnings: revenue of 5.54 billion euros (equivalent to approximately RMB 43.419 billion yuan), lower than last year's 5.59 billion euros (equivalent to approximately RMB 43.811 billion yuan); pre-tax income ahead of earnings before amortization (EBITA) decreased by 16% to 536 million (equivalent to about 4.201 billion yuan); net loss of 103 million euros (equivalent to about 807 million yuan), less than a year earlier net profit of 281 million euros (equivalent to approximately RMB 22.02 billion).

Philips CEO Frans Van Houten said they are not satisfied with the overall performance of Q3, Philips in Russia and other markets, sales continued to soften. Houten said the Russian national situation is still tense, this market so requires a lot of investment in health care, science and technology, the lighting, but now the resistance is relatively large.

Philips's third quarter revenue performance of various departments, health care sector revenue increased 1% year to 2.234 billion euros (equivalent to approximately RMB 17.509 billion yuan), minus 1 percent in the lighting department to 2.056 billion euros (equivalent to approximately RMB 16.113 billion yuan ), consumer segment revenues increased 5% year to 1.114 billion euros (equivalent to about 8.731 billion yuan), R & D department in minus 15 percent to 143 million euros (equivalent to about 1.121 billion yuan).

Closing at 16:03 on the 20th, in the Netherlands, Philips stock fell 3.22 percent to 21.36 euros (equivalent to about 167.77 yuan).





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