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Philips posts $1.9B loss in Q2 on charges

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[July 18, 2011]  AMSTERDAM (AP) -- Royal Philips Electronics NV, the world's largest lighting company, has reported a euro1.35 ($1.9 billion) loss for the second quarter, mostly due to a euro1.39 billion writedown in goodwill -- the amount paid in excess of the fair value of companies it has acquired in the past.

In the same period a year ago, Philips had net profit of euro262 million. The company said Monday second quarter revenues fell 2.6 percent to euro5.21 billion, due mostly to a stronger euro. Operating earnings at the company's lighting and consumer appliances arms were cut in half, while its medical imaging equipment arm grew.

Chief executive Frans van Houten blames "operational challenges and weaker markets," for the operating performance. He says Philips does not expect improvement in the short term.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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