News Summary: Philips profit falls as sales slip

The Associated Press

PROFIT DIMS: Royal Philips NV, the maker of lights, consumer appliances and health-care equipment, on Monday reported a fall in first quarter profit due to weak sales and because last year's figures included one-time gains.

THE FIGURES: Philips' first-quarter net profit of 162 million euros ($212 million) was down from 183 million euros in the same period of 2012, when it enjoyed 119 million euros worth of one-time gains.

LED STRENGTH: Philips said weak construction activity was hurting its lighting division, though LED light sales were up 38 percent as the new technology continues to replace traditional incandescent bulbs.