Philips surprises with turnaround

City A.M. Reporter
PHILIPS Electronics reported better-than-expected quarterly results yesterday, buoyed by one-off gains and a stronger performance at its consumer and healthcare businesses, in the first signs of a long-awaited turnaround under new management.

Philips reported first-quarter net profit jumped 80 per cent to €249m as sales climbed seven per cent to €5.6bn. But the Dutch group warned that the outlook for the rest of the year was still worrying given the weak economic environment.