Philips warns over television sector losses
Dutch electronics giant Philips warned Monday that it expects losses of between 100-120 million euros ($140-169 million) from its television business as pricing pressures mount.
"Pricing pressure remained severe in the television market, while Philips took clear actions to further reduce inventory," the group said in a statement.
Philips, which will issue its first quarter results on April 18, reiterated that "profitability in its television business remains a major issue and resolving this is an absolute priority for the company."
In January the electronics giant reported a more than three-fold rise in net overall income for 2010 due to increased emerging market sales.
Net profit for the year was 1.45 billion euros ($1.96 billion), up from 410 million euros in 2009.
However Philips warned then that consumer sentiment in mature markets remains subdued, pointing in particular to the television market.
Philips, a manufacturer of medical equipment, televisions and lighting systems, employs about 119,000 people in more than 60 countries.
© 2011 AFP