Philips posts a loss of £1.2bn

City A.M. Reporter
PHILIPS flagged a grim outlook after a surprise quarterly loss that was driven by writedowns on recent acquisitions to reflect weak consumer demand in Europe and the US.

The Dutch group yesterday announced an unexpected €1.4bn (£1.2bn) writedown on healthcare and lighting acquisitions that dragged it to a €1.3bn second-quarter net loss, just weeks after profit warnings at two key divisions.

It also gave a bleak outlook for the next two quarters.