 The company expects an easier 2004 |
Dutch electronics maker Philips has announced it returned to profitability in 2003 following a year of job cuts and restructuring. The company recorded a full-year net profit of 695m euros ($885m; �476m), company officials said.
Europe's largest producer of consumer electronics said its recovery was helped by cost cutting and strong Christmas sales.
Like many firms, Philips suffered during the technology downturn.
Brighter outlook
Analysts were only forecasting a net profit of 419-565m euros, according to the AFP news agency.
Sales which rose to 9.017bn euros from 8.923bn, also outstripped market expectations of 8.144-8.870bn.
Philips predicted a better 2004. "Our task is to maintain this momentum while steadily improving our earnings as we move through 2004," said chief executive Gerard Kleisterlee.
Some analysts had hoped for a more upbeat forecast, but the figures were generally well received.
"There is a lot more positive than negative in these figures," analyst Marc Kennis at Van Lanschot Bankiers told the Reuters news agency.
"They took a lot of charges, but they now look ready for the upturn."
Shares in Philips were 2.8% higher by Tuesday lunchtime.
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There is a lot more positive than negative in these figures 
