Philips Q4 profits surge to EUR 680m

22nd January 2007, Comments 0 comments

22 January 2007, AMSTERDAM — Philips Electronics beat analysts' forecasts on Monday with fourth-quarter net profit that was powered by one-off gains.

22 January 2007

AMSTERDAM — Philips Electronics beat analysts' forecasts on Monday with fourth-quarter net profit that was powered by one-off gains.

Philips's net profit came in at EUR 680 million, compared with an average forecast of EUR 396 million by 20 analysts polled by Reuters. Net profit in the year-earlier period was EUR 332 million.

Net profit was pushed higher by a lower corporate tax rate and an unexpected additional EUR 129 million gain from the sale of its chip unit.

Philips' chief executive Gerard Kleisterlee after the sale of the chip division, Philips was entering "a new period in the company's history" in which earnings would be less volatile.

"This transaction completed efforts to transform Philips into a stable company built around our brand, with leading market positions in virtually all areas in which it is active," he said.

The first of several large companies to issue its annual earning report in coming weeks, Philips, said its full-year earnings came to EUR 5.38 billion up from EUR 2.87 billion, including the EUR 4.3 billion gain from the semi-conductor division sale.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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