Disappointing Q1 results for Philips

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Profit for the electronics manufacturer falls short of analysts’ expectations.

14 April 2008

AMSTERDAM - Profit for Dutch electronics manufacturer Philips was less than expected, with company results announced Monday for the first quarter of 2008 amounting to EUR 265 million.

Analysts had expected EUR 305 million. After taxes, company results were EUR 219 million.

Results for the company's Consumer Lifestyle division were most disappointing. Substantially lower sales of television sets, led to a company result of EUR 77 million. Analysts had hoped for EUR 144 million.

Turnover in the first quarter was not less than expected and amounted to EUR 5.965 billion.

Despite the disappointing results, Philips increased its profit expectations for its long-term strategy Vision 2010, now predicting a profit margin of 10 to 11 percent.

[dpa / Expatica]

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