 Philips has returned to profit after restructuring its business |
Consumer electronics company Philips has reported strong earnings for the first three months of 2004. Rising demand for consumer electronics and computer chips has boosted sales by 2%, helping return the firm to profit.
Following a 10-year restructuring programme, said chief executive Gerard Kleisterlee, the results "indicate it is back on a stable footing".
The firm made net profits of 550m euros ($660m; �360m), compared to a 69m euro loss a year earlier.
The company expects to see the trend continue through the rest of 2004, said Mr Kleisterlee.
Philips is Europe's largest producer of consumer electronics and like many firms, Philips suffered during the technology downturn.
Restructuring has cost jobs in recent years. The LG Philips display factory in Newport, Wales ended production in August 2003 and all 870 jobs at the site were lost.
The company is also expected to announce details of an Initial Public Offering (IPO) of its LCD venture with LG Electronics. The share issue would help finance future expansion, the company said.
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