Philips profits plunge 32.9% in second quarter

The Hague

DUTCH electronics giant Philips 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$458 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.

But sales grew some 4 per cent to 4.3 billion euros, with chief executive officer Frans V…