Philips Lighting's turnover drops, but company remains positive

Philips Lighting is “satisfied” with the second quarter results and by extension, the result of the first two quarters. Its positive demeanor is in contrast with its lower turnover and lower net profit compared to a year before.

On the right track

In the second quarter of its fiscal year, Philips Lighting generated a 1.734 billion euro turnover, down 6.2 % compared to last year. There was also a like-for-like turnover drop of 1.5 %, while net profit dropped 40 % to 57 million euro.

Philips Lighting is still upbeat because it feels it is back on the right track. “Our businesses all progressed versus last year, performing in line with their strategic objectives,” said Eric Rondolat, CEO. “I am satisfied to see our strategy being successfully executed.”

Regular lighting sales declined, but that was mainly because the company is turning its attention to LED lights, which now contribute 53 % of total turnover and even managed a 25 % turnover growth in the second quarter. Nevertheless, that 25 % is still a smaller growth than last year.