Philips Lighting's performance declines, quarterly earnings drop by 30%
Philips Lighting announced its quarterly results as of the end of September. Quarterly net profit was 51 million euros (approximately HK$434 million), down 30.1% year-on-year. Sales during the period fell 5.4% to 1.745 billion euros (approximately HK$14.852 billion), while comparable sales decreased 3.3% year-on-year. Among them, LED-related product sales increased 16% year-on-year. During the period, the company recorded 55 million euros (approximately HK$468 million) in restructuring and M&A expenses, more than the company's earlier estimate.
Royal Philips spun off its lighting business in May, selling a 25% stake in Philips Lighting for listing.