Philips Lighting Q3 operating profit rises marginally
Philips Lighting, the world’s largest lighting maker, reported a marginal rise in third-quarter core profits on Thursday, meeting analysts’ estimates. Sales fell by 3.5 per cent to €1.75 billion. Adjusted earnings before interest, taxes and amortisation (EBITA) were at €176 million, up from €175 million in the same period and exactly in line with analysts’ estimates. Net profit of €110 million s included a €21 million gain on the sale of real estate.
Sales and profits increased at all three of the company’s other, less profitable divisions – LED lights, professional lighting, and home networking, it said. CEO Eric Rondolat told reporters the quarter was noteworthy because for the first time growth in like-for-like sales at the three other divisions outweighed falling sales in the bulbs business.