Dutch health care giant Philips announces net profit rise

AP News
Posted: Jan 30, 2018 2:51 AM

AMSTERDAM (AP) — Dutch health care and electronics giant Philips says its fourth-quarter net profit rose to 899 million euros ($1.1 billion) from 640 million euros in the same period a year ago, as it successfully continued its departure from its past as a lighting company.

Comparable sales growth for the quarter rose 5 percent to 5.3 billion euros ($6.5 billion).

Philips spun off its lighting division in 2016 and now focuses its business on health technology. The company still holds a 29-percent stake in Philips Lighting.

CEO Frans van Houten said Tuesday that the fourth-quarter earnings performance "demonstrates that we are gaining momentum."