Philips’ net profit slumps in first quarter, sales edge higher

Paris: Royal Philips NV, the world’s biggest lighting maker, said Tuesday higher restructuring costs wiped out gains from higher sales to reduce first-quarter net profit by 27 per cent to 100 million euros (Dh401.8 million, $109 million).

Sales rose 14 per cent to 5.34 billion euros, as a strong growth from Philips so-called “Consumer Lifestyle” division, which incorporates anything from dental hygiene to kitchen appliances and hair removal tools, offset slow or falling sales from its health care and lighting divisions. Restructuring costs, related to the company’s split, totalled 58 million euros.