THE HAGUE: Electrical appliance group Philips reported a 15-percent slump in net first quarter profit, blaming a weak performance by its new strategic activities in healthcare equipment.
CEO Frans van Houten said the figures reflected a “challenging start” to 2014 and warned of a tough year ahead. Philips’ share price dipped by almost 7 percent on the Amsterdam stock exchange’s AEX index in mid-afternoon trade. The group said Q1 net profit plunged to $190m because of a fall in underlying profit on a 12-month comparison. AFP
