Philips records three-fold earnings rise in 2010

24th January 2011, Comments 0 comments

Dutch electronics giant Philips reported Monday a more than three-fold rise in net income for 2010 due to increased emerging market sales.

Net profit attributable to shareholders for the year was 1.45 billion euros ($1.96 billion), up from 410 million euros in 2009, the company said in a statement.

Comparable sales rose four percent to 25.4 billion euros, with the strongest growth, of 12 percent, in emerging country markets.

"2010 was an eventful and overall positive year for Philips," Chief Executive Officer Gerard Kleisterlee said, despite "negative consumer sentiment in developed markets".

Philips, a manufacturer of medical equipment, televisions and lighting systems, employs about 119,000 people in more than 60 countries.

© 2011 AFP

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