Just around the corner

14 October 2003 By Robert Cyran Follow @rob_cyran

The Dutch electronics group says its turnaround is nearly there and its semiconductor operations certainly look better. US consumer electronics also remains a sore spot, with profitability delayed again.

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Philips reported thirdquarter results on October 14th. The Dutch electronics conglomerate reported an operating loss of E126m and a net profit of E124m (10 cents a share) for the quarter. The company posted an operating profit of E135 and loss of E335m last year. Net income benefited from E239m in profits from unconsolidated companies.

For the first nine months of the year, the company reported a E120m operating loss and E97m in income.

The operating loss resulted from E197m in restructuring charges. Of these charges, E152m came from at Philip's semiconductor unit – the company closed two plants during the quarter.

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