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Koninklijke Philips Electronics NV (ADR) (NYSE:PHG) is higher by 7.57% to $27.01 huge volume of 380K shares after Philips Electronics has reported a trebling of its third-quarter profits, with the group’s net profit rising by €57 million to €174 million when compared to the same quarter in 2008. Analysts had expected the group to post a net loss of €45 million. The group’s EBITDA also increased by €287 million compared to the same quarter a year previous. This was largely due to an €87-million release of a provision for retiree medical benefits in the quarter and a €259-million asbestos-related charge that was incurred last year, Philips said.
Koninklijke Philips Electronics N.V. (Royal Philips Electronics) is the parent company of the Philips Group (Philips). As of January 1, 2008, Philips’ activities are organized on a sector basis, with each operating sector Healthcare, Consumer Lifestyle and Lighting being responsible for the management of its businesses worldwide.
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