I the previous quarter Philips turnover amounted to 5.86 billion euros, a 2 percent decrease to the same quarter past year, ANP reports.
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Philips CEO Frans van Houten said in a statement that the company is sticking to its outlook for 2016, “as we continue to expect earnings improvements in the second half of the year, but we are convinced about increased risk due to volatility in a number of markets”.
Comparable sales growth of 3% was driven by double-digit growth in health and wellness and high single-digit growth in personal care, sleep and respiratory care and domestic appliances, the company said.
Volcano, a catheter company Philips acquired past year, was showing double digit growth, van Houten said, partly as a result of combining the two companies’ different sales channels.
Sales dropped 2% to EUR5.86 billion, largely because of a decline at its lighting business which was spun off through an initial public offering in May. In growth geographies, sales improved with good results in China, Central & Eastern Europe and Latin America.
Philips is on course to hit its 2016 profitability target as it reinvents itself as a pure healthcare company, with strong growth in medical technology partially offset by the costs of heavy research and development investments.
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In Amsterdam, Philips shares are now trading at 23.83 euros, up 0.21 percent.
