Philips warns of loss on television business

AP News
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Posted: Mar 28, 2011 7:36 AM
Philips warns of loss on television business

Dutch lighting and technology conglomerate Royal Philips Electronics NV has warned it expects a pretax loss of up to euro120 million ($169 million) on its television business in the first quarter.

Philips says it has been cutting inventory amid fierce price competition.

It said in a warning Monday that "resolving this is an absolute priority." Philips reports first quarter earnings April 18.