Emerging economies give Philips a Q2 profit boost

Philips second quarter up sharply thanks to sales of consumer products in emerging economies

Associated Press

AMSTERDAM (AP) -- Royal Philips Electronics NV says its net profit in the second quarter soared to €317 million ($416 million) from €102 million in the same period last year partly thanks to stronger sales of consumer products like shavers in emerging economies.

Lower restructuring and acquisition costs also helped lift quarterly profits.

Sales for the quarter totaled €5.65 billion ($7.41 billion), up from €5.57 billion in the second quarter of 2012.

Philips CEO Frans van Houten said Monday Philips is "concerned about economic uncertainties around the world," but committed to achieving its full-year targets.

Sales of consumer lifestyle products such as electric razors and other domestic appliances rose 13 percent to €1.1 billion and lighting sales were up two percent to €2.05 billion.

Sales in emerging economies grew by 12 percent.

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