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Philips Q2 EBITA beats expectations

Philips Q2 EBITA beats expectations
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First Published: Mon, Jul 13 2009. 11 21 AM IST
Updated: Mon, Jul 13 2009. 11 21 AM IST
Amsterdam: Dutch conglomerate Philips Electronics said on Monday sales may show some improvement in the second half after reporting a second-quarter operating profit that beat analyst expectations.
Earnings before interest, taxes and amortisation (EBITA) was €118 million ($164.4 million), above the average of a €79 million loss in a Reuters poll of 23 analysts, with individual expectations ranging from a €160 million loss to a profit of €30 million.
EBITA compared with a €396 million profit in the second quarter of 2008 and a €74 million loss in the first quarter of this year.
“During the quarter we started to see positive impact of our strict cost management,” chief executive Gerard Kleisterlee said in a statement, adding that he would not shy away from further cost reductions where needed.
Analysts were anticipating the world’s biggest lighting maker to announce additional cost savings.
The top three hospital equipment maker and Europe’s biggest consumer electronics producer so far has said it would cut 6,000 jobs this year, resulting in more than 500 million euros in annual cost savings by the end of the year.
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First Published: Mon, Jul 13 2009. 11 21 AM IST