Dutch Philips Looks East Over Brexit Concerns
THE HAGUE: Dutch electronics giant Philips said on Monday (Oct 23) it will increasingly rely on emerging markets as a buffer against the possible negative effects of Brexit, warning of a revenue drop and possible job losses in Britain.
“I don’t think we’ve seen a big impact yet (from Brexit),” said the Amsterdam-based group’s chief executive Frans van Houten.
“But I am certainly concerned about the situation,” Van Houten told AFP by telephone.
Philips on Monday released its third-quarter figures, saying net profit jumped by 10 per cent for the period from July to September, mainly buoyed by double-digit figures in eastern markets.