Electronics giant Philips falls to 4th quarter loss

AP News
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Posted: Jan 26, 2016 3:22 AM
Electronics giant Philips falls to 4th quarter loss

AMSTERDAM (AP) — Dutch electronics giant Philips says it fell to a fourth-quarter net loss of 39 million euros ($42 million) as it paid off pension risks and had higher tax and other expenses, down from a net profit of 134 million euros ($146 million) in the same period a year ago.

Earnings before exceptional charges rose from 743 million euros ($807 million) a year ago to 842 million euros ($914 million) in the last three months of 2015 as sales climbed nine percent to 7.1 billion euros ($7.7 billion).

The company that made its name selling light bulbs said Tuesday that it is on track to sell off its lighting division in the first half of the year, either by an initial public offering or a private sale.