Philips profits soar after lighting sales boost

GLOBAL electronics giant Philips has reported a pre-tax profit pf £283m for the first three months of the year.

The Dutch company’s performance in the first quarter compared with big losses in 2009.

Sales of its televisions and lighting products – which jumped by 18 per cent – helped to boost the latest figures, the firm said.

Chief executive Gerard Kleisterlee said: “I believe that with the results we have delivered in recent quarters, we have started to demonstrate the real potential of our business portfolio.”

However, he warned that the economic climate was tough, adding: “Economic uncertainty remains high and consumer confidence low."

Philips axed 5,000 jobs last year as part of a package of cost-cutting measures.