Philips reports US$1.9b loss in Q4

Source: Agencies  |   2009-1-26  |     ONLINE EDITION

ROYAL Philips Electronics NV, the world's largest lighting maker, today reported a fourth-quarter loss of €1.47 billion (US$1.9 billion) and blamed weak global economic conditions for poor business performance, asset write-downs and restructuring charges.

Philips is also one of the world's largest makers of medical equipment and consumer electronics.

The Amsterdam-based had posted a profit of €1.40 billion for the same period a year earlier, when Philips booked €1.2 billion in gains on the sale of stakes in companies.

In 2008, however, the company said it had to write down the value of stakes it holds by more than €1 billion.

Sales fell 9.7 percent to €7.62 billion, Philips said.

"The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," Chief Executive Gerard Kleisterlee said in a statement.