Philips triples third quarter net profit

Dutch electronics giant Philips said Monday it had tripled its net
profit to 176 million euros in the third quarter of 2009 , compared
to the same period last year. The result was better than anticipated
by analysts questioned by Dow Jones Newswires, who had predicted a
net loss of 45 million euros. Sales stood at 5.6 billion euros in
the third quarter, down 11 percent from 6.3 billion euros in the
same period last year, but an improvement from the 19 percent
decline in the second quarter, said a company statement. "Our Q3
results are a reflection of our strong fundamentals and the proactive
manner in which we have been managing our costs," Philips chief
executive officer Gerard Kleisterlee said in a statement. Most of the
company's business divisions saw improvements in sales and earnings
compared to the previous quarter, he said. Philips reported a
six-fold increase in earnings before interest, tax and amortisation
(Ebita) of 344 million euros in the third quarter, from which was
subtracted restructuring and acquisition-related charges of 125
million euros and an 87 million euro provision.