Philips posts sevenfold jump in profits in Q1

The Hague

DUTCH electronics giant Philips on Monday posted a sevenfold leap in first quarter profits after spinning off its lighting business last year.

Net profit soared to 259 million euros (S$392 million) in the first three months of 2017, compared with 37 million euros in the same period last year.

The year-earlier figure had been down some 63 per cent, due mainly to taxes linked to its efforts to divest the lighting business.

The Amsterdam-based group said sales also rose to 5.7 billion euros from January to March, up 3.6 per cent over the first quarter of 2016. Growth was most…