Philips warns over television sector losses

March 28, 2011

Dutch electronics giant Philips warned Monday that it expects losses of between 100-120 million euros ($140-169 million) from its television business as pricing pressures mount.

"Pricing pressure remained severe in the television market, while took clear actions to further reduce inventory," the group said in a statement.

Philips, which will issue its first quarter results on April 18, reiterated that "profitability in its television business remains a major issue and resolving this is an absolute priority for the company."

In January the electronics giant reported a more than three-fold rise in net overall income for 2010 due to increased emerging market sales.

for the year was 1.45 billion euros ($1.96 billion), up from 410 million euros in 2009.

However Philips warned then that consumer sentiment in mature markets remains subdued, pointing in particular to the market.

Philips, a manufacturer of medical equipment, televisions and lighting systems, employs about 119,000 people in more than 60 countries.

Explore further: SAMSUNG Electronics Regains No. 1 Spot in LCD Market

Related Stories

SAMSUNG Electronics Regains No. 1 Spot in LCD Market

December 20, 2004

Samsung Electronics regained the No. 1 position in the global liquid crystal display (LCD) market last month from LG.Philips LCD, according to the Texas-based display market research firm, DisplaySearch. The electronics giant’s ...

Philips posts surprise profit as cost cuts help

October 12, 2009

Dutch electronics giant Philips reported on Monday a surprise profit for the third quarter as a series of cost cutting measures to cope with the global slump helped the bottomline.

Recommended for you


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.