Philips registers 55% profit rise in 2015

Health-conscious consumers snapping up everything from electric toothbrushes to kitchen appliances drove up 2015 profits at electronics giant Philips as it seeks to spin off its historic lighting business. Posting last year's earnings results, the Dutch giant said on Tuesday that net profit attributable to shareholders was 645 million euros ($700 million) compared to 415 million euros in 2014 — a hike of 55 per cent.

Total sales were up to 24.2 billion euros, or 2.0 per cent on comparable rates, fuelled by rising demand and eyeing a healthy order book in North America and Europe, the company said. The results were a welcome bounce back for the Amsterdam-based company after it saw profits tumble by almost two-thirds in 2014, blamed on slowing markets in Russia and China. In a sign that it is not all plain sailing ahead though, Philips said it recorded a net loss in the final quarter of 2015 of 45 million euros, compared to a profit of 139 million for the same period the previous year.