Philips returns to profit

15 Jul 2003

Pan European consumer electronics maker Philips has reported its first profit for five quarters for the three months ending June 2003. Net income reached EUR42 million, compared with a loss of EUR1.36 billion in the same period of 2002 while sales fell by 20% to EUR6.53 billion. Shares in the company dipped by 0.6% to EUR18.52 following the announcement, after gaining 12% since the start of 2003.