Coronavirus dents sales and profits at Philips

by   CIJ News iDesk VII
2020-07-21   15:45

Philips sales in the second quarter were €4.4 billion, down 6 percent compared to the same period last year. Its net profit decreased from €246 million to €210 million. CEO Frans van Houten expressed caution when making forecasts for the company's results in 2020, given the uncertainty surrounding the coronavirus pandemic over the economy and businesses. But he said that Philips was selling fewer consumer products, including kitchen and home appliances, and that the installation of medical equipment in hospitals has been delayed.

Still, he hinted that the prospects for the second half of this year are much better, as demand for medical equipment has increased 23 percent from last year. To meet the sharply growing need for respiratory equipment, the group has significantly increased production in recent months.