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Philips light bulbs in packaging

FINANCIAL REPORT: Philips Profits Jump 12% for Second Quarter

July 27, 2015
Dutch electronics company's sales jump 20% compared with the same 2014 period. ... Delta purchases small stake in Chinese airline.

THE HAGUE, Netherlands — Rising sales of medical equipment helped drive a 12% increase in second-quarter net profit at Dutch electronics manufacturer Philips, the company said Monday.

The net profit attributable to shareholders of 272 million euros ($301.69 million) was accompanied by a 20% jump in sales to 5.97 billion euros ($6.62 billion) compared with the same period a year earlier.

The operating profit of 501 million euros ($555.69 million) as measured by earnings before interest, tax and amortisation (EBITA) beat the average of 415 million euros ($460.31 million) forecast by analysts surveyed by Bloomberg.

While overall sales rose by 3% on a comparable basis, sales of medical equipment climbed by 8%. CEO Frans Van Houten said he was pleased with the company’s performance, but added “we are increasingly concerned about the global macro-economic environment, particularly in China, Russia and Latin America.”

DELTA: NEW YORK — Delta Air Lines will buy a stake in China Eastern Airlines as the two carriers strengthen their partnership serving the United States and China, the companies announced Monday.

Under a preliminary agreement, Delta will invest $450 million to acquire a 3.55% stake in China Eastern and will be given an observer seat on the Shanghai-based airline’s board of directors. The agreement depends on reaching a final marketing deal and approval by each carrier’s board.

Copyright Agence France-Presse, 2015

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