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Philips Electronics, the Dutch conglomerate, on Monday reported a sharp drop in quarterly profit, highlighting losses in its television business. The news follows last week’s announcement that Philips would no longer manufacture TVs for sale in North America.
Net income in the first quarter dropped to €219m from €875m a year ago or €0.21 per share from €0.80 per share. Sales remained nearly stable at €5.97bn and although the drop in profit was partly accounted for by a gain from a stake-sale a year ago, it also revealed the extent of problems at its “connected display” TV business.
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