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.

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24 Oct