Dutch health care giant Philips announces net profit rise
Posted January 30, 2018 6:00 am
AMSTERDAM (AP) - Dutch health care and electronics giant Philips says its fourth-quarter net profit rose to 899 million euros ($1.1 billion) from 640 million euros in the same period a year ago, as it successfully continued its departure from its past as a lighting company.
Comparable sales growth for the quarter rose 5 percent to 5.3 billion euros ($6.5 billion).
Philips spun off its lighting division in 2016 and now focuses its business on health technology. The company still holds a 29-percent stake in Philips Lighting.
CEO Frans van Houten said Tuesday that the fourth-quarter earnings performance "demonstrates that we are gaining momentum."
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