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Philips’ profit up by 55% to $700m in 2015

Philips’ profit up by 55% to $700m in 2015

THE HAGUE: Philips Tuesday posted net profits surged by 55 percent in 2015 driven by increased sales in its healthcare and lifestyle business as it seeks to shed its historic lighting section.

The Dutch electronics giant’s total net profit attributable to shareholders was 645 million euros ($700 million) compared to 415 million euros in 2014, with sales up to 24.2 billion euros amid rising orders in North America and Europe, the company said.

That represented a 13.3-percent hike in sales over the previous 12 months, which dropped to 2 percent when adjusted for comparable exchange rates and other changes. “Overall 2015 was a solid year for Philips, as illustrated by consistent performance improvements in the face of ongoing” economic challenges, said chief executive officer Frans van Houten.

Sales of medical equipment such as magnetic resonance imaging scanners also leapt by 4 percent once rates were adjusted. Van Houten predicted “moderate sales growth” for the Amsterdam-based firm in 2016 as it seeks to streamline operations by splitting its healthcare-lifestyle business from its lighting section.