Philips' LED sales rose 27% in the first quarter
Philips announced that comparable revenues in the first quarter increased by 3% to 5.5 billion euros (the same below), mainly driven by a 5% increase in the health technology product portfolio. Adjusted EBITA rose 14% to 374 million yuan. However, the net profit fell from 100 million yuan to 37 million yuan, a drop of 63%, mainly due to the increase in relevant taxes after the business spin-off. The group said that the spin-off of the lighting business is still in progress. Group Chief Executive Fransvan Houten said that the first quarter results reflected strong growth in health technology business sales, and the lighting business was boosted by several new products. He expects that the business outlook will not change this year and earnings will continue to grow. Philips' health technology products saw a 5% increase in comparable sales in the first quarter, despite a decline in patent income. LED sales rose 27%, accounting for 50% of the entire lighting business. The lighting business has improved year by year for six consecutive quarters. The Group continued to prepare for the spin-off or sale of the lighting business, and the market sentiment improved in the near term, increasing the chances of spin-off listing.
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