Philips generates profit once more | RetailDetail

Philips generates profit once more

Philips generates profit once more

Dutch electronics concern Philips has once again presented positive results in the third quarter. It had a sizeable loss last year, but it did manage a decent profit over the past quarter.

Higher profitability

Philips' turnover grew 2 % on a like-for-like basis to 5.8 billion euro, with growth in North America, Eastern Asia, Central and Eastern Europe. Unfortunately, disappointing Chinese sales leveled out the gains made.

 

The company did manage to create a higher profitability which is why it is now reaping its rewards: a year ago, the company had a 103 million euro net loss, but the past quarter, it made a 324 million euro profit. Philips had to pay a huge fee to Masimo last year, because it had breached several of its patents.

 

In the meantime, Philips is also trying to round off the sale of its Lumineds subsidiary to a group of Asian investors who are willing to pay 2.8 billion dollars (2.5 billion euro) for an 80.1 % stake. The American Committee on Foreign investment has filed a complaint on that deal however, so it remains to be seen whether the deal can be pulled off. Philips will try to meet the demands, but the company did mention there is doubt about the deal now.

Questions or comments? Please feel free to contact the editors


Ceconomy sells its Russian division

21/06/2018

Ceconomy, MediaMarkt's parent company, has sold its onerous Russian division to local electronics chain M.video. The German electronics giant does not quit Russia altogether however, as it continues as shareholder of M.video.

LVMH's Bernard Arnault invests in refurbished phones

14/06/2018

BackMarket, a French start-up that wants to be a marketplace for refurbished smart phones, tablets and laptops, has secured a 41 million euro investment. The most famous new investor is Bernard Arnault, CEO of luxury group LVMH.

Coolblue closes hundreds of web shops

11/06/2018

Dutch e-commerce group Coolblue has terminated hundreds of its web shops, instead preferring one central web shop at coolblue.be/nl. This may be the precursor to an international expansion, the company says.

Xiaomi's European conquest goes through Paris

23/05/2018

Chinese smartphone manufacturer Xiaomi just opened a physical store in Paris, part of its ambitious European expansion plan. The brand is also dreaming of an American launch.

Fnac Darty and MediaMarkt Saturn enter purchase alliance

16/05/2018

French electronics retailer Fnac Darty has set up a purchase alliance with competitor MediaMarkt Saturn. Both companies will buy together when it comes to the European retail market.

Amazon looking to outbid Walmart in Flipkart deal

03/05/2018

The battle for dominance on the Indian e-commerce market seems to be stepping up a notch: Amazon may be looking to buy a majority stake in Flipkart, trying to better Walmart which already started negociations with the Indian online retailer.