Dutch consumer electronics firm Philips posts Q2 net loss at 1.35 mn euros« Bossun Switches Bossun Switches 132 5/25/2020»
LONDON: Dutch consumer electronics firm, Philips, today reported a net loss of 1.35 million euros in the second quarter of this year, due to lower operating earnings and a loss in discontinued operations.
In the second quarter last year the company's net income stood at 262 million euros, a company statement said.
The sales in the quarter fell by 2.43 per cent to 5.21 million euro from 5.34 million euro in the year-ago period.
"Our second quarter results were impacted by near-term operational challenges, weaker markets and a significant impairment charge. We are taking necessary steps to improve performance and we are confident in the prospects of our portfolio," Royal Philips Electronics President and CEO Frans van Houten said.