Philips’ Profits More Than Doubled in 2016 - Energy Watch News


Philips’ Profits More Than Doubled in 2016

Driven by the flotation of its lighting business and the strong performance of its health technology division. Philips’ net profit rose by 126% to $1.6 billion in 2016. Although Philips is a leading manufacture of lightbulbs, electrical appliances and television sets, it has stopped these businesses due to fierce competition from Asia. Instead, it focuses on health technology like computer tomography and molecular imaging, and household appliances like electrical toothbrushes and kitchen equipment. Philips intends to sell off its lighting division completely. Now it holds a stake of 71.23%. In December 2016, Philips sold 80.1% stake in its Lumileds LED lighting business to Apollo Global Management for $1.5 billion. http://bizled.co.in/philips-profits-more-than-doubled-in-2016/

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