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Dutch electronics company Philips registers Q1 sales increase

Xinhua, April 26, 2016 Adjust font size:

Dutch electronics giant Philips registered an increase of sales and EBITA in the first quarter of 2016, while the net income decreased, the company announced on Monday.

Comparable sales reached 5.5 billion euros (6.20 billion U.S. dollars) in the first quarter of the year, an increase of 3 percent compared to 5.3 billion euros (5.97 billion U.S. dollars) in the same period in 2015.

The comparable sales growth was driven by a 5 percent growth in the HealthTech business, while the Lighting business posted a sales decrease of 2 percent. Among the Lighting portfolio, LED lighting sales grew strongly by 27 percent, now accounting for 50 percent of overall Lighting sales.

Earnings before interest, tax and amortization (EBITA) amounted to 290 million euros (326.83 million U.S. dollars), or 5.3 percent of sales, in the first quarter of 2016, compared to 230 million euros (259.21 million U.S. dollars), or 4.3 percent of sales, in the same period in 2015.

"Philips' first-quarter 2016 results reflect solid comparable sales growth across our HealthTech businesses and our LED Lighting business, bolstered by the successful launch of several new products," CEO Frans van Houten said in a press release.

In 2014, Philips decided to split into two separate independent companies, one for lighting solutions and one combining health care and consumer lifestyle. This separation is still in progress. Enditem