Philips sees the light as quarterly profits rebound

GLOBAL electronics giant Philips has reported a pre-tax profit of €320m (£283m) for the first three months of the year.

The company’s performance in the first quarter compared with big losses in 2009. Sales of its lighting products – which jumped by 18 per cent – helped to boost the latest figures, the firm said. First-quarter revenue rose 12 per cent to €5.7bn. Shares in the company rose by 2.3 per cent after the results were announced yesterday, taking them to a 23-month high.

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.” He also said emerging markets had helped the company return to profit.