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Less profit for Philips in third quarter due to trade rates

2019-10-28T08:12:43.471Z

Healthcare technology group Philips saw its profit fall sharply in the third quarter. Net profit decreased from 292 million euros in the third quarter of 2018 to 208 million euros in the same period this year.



Healthcare technology group Philips saw its profit fall sharply in the third quarter. Net profit decreased from 292 million euros in the third quarter of 2018 to 208 million euros in the same period this year.

This appears on Monday when the quarterly results are presented. The turnover of Philips increased by 9.2 percent to 4.7 billion euros.

Earlier this month Philips already warned of the impact of trade rates on the results. At that time, the company already reported that the operating result had risen to 583 million euros, equivalent to 12.4 percent of sales. In the third quarter of 2018 this share was still 13.2 percent.

CEO Frans van Houten speaks of mixed results. Although sales increased, the growth in the number of new orders came to a halt.

Source: nunl

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