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Philips profits fall 32.9% in second quarter

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Dutch electronics giant Philips on Monday posted a 32.9 per cent fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year.

[THE HAGUE] Dutch electronics giant Philips on Monday posted a 32.9 per cent fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year.

Net income dropped to 289 million euros (S$459.4 million) from 431 million euros over the same period in 2016 "due to lower income from discontinued operations, and higher structuring and acquisition-related charges," the Amsterdam-based company said.

AFP

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