Philips electronics group sees profits drop 22.6 percent in 2007
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Dutch electronics giant Philips reported Monday that its 2007 net profit fell 22.6 percent to 4.168 billion euros (6.04 billion dollars) despite a doubling in net earnings in the fourth quarter.
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LONDON (CBS.MW) - Philips Electronics, the largest consumer electronics maker in Europe, on Tuesday cautioned it expects flat sales in its semiconductor business in the fourth quarter and is seeing ongoing margin pressure in consumer electronics.
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The manufacturer said earnings fell 54 percent from a year-ago period which included its former health-care and electronics units. Adjusted profit topped Wall Street expectations by a wide margin.
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Two days after announcing that the head of its semiconductor business will leave the company, Koninklijke Philips Electronics NV on Friday lowered its forecast for the chip division&#39;s third-quarter sales.
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By Charoen Kittikanya, Bangkok Post, Thailand  Dec. 19--Philips Electronics (Thailand) expects its business to remain in  good shape next year on the back of robust double-digit growth in 2006.
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Philips Electronics, Europe&#39;s largest consumer electronics company, lowered its sales forecast for its semiconductor division, representing the latest sign that the sector is suffering a slowdown after a long period of rapid growth.
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Net profit dropped at the consumer products maker to 721 million euros ($1.04 billion) in the last three months of 2007, from 2.03 billion euros a year earlier.
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Profit soared at technology conglomerate Philips Electronics NV in the third quarter but sales of consumer electronics were weak and the outlook for computer chips is gloomy, the company said.
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The oil giant BP reports a 22% fall in annual profits at the end of a tough year for the company.
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Dutch electronics giant Royal Philips Electronics NV said it had lowered its outlook for semiconductor sales in the third quarter, as had been widely expected by analysts.
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LG Electronics (066570.KS) said on  Thursday it expected prices of flat LCD and plasma television  sets to drop by 30 percent or more in 2007, continuing big  price falls amid overproduction and cost reductions.
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Slow consumer buying weighed on third-quarter results of Philips Electronics, and the company says high inventories will continue to hit business in the fourth quarter.
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By KOZO MIZOGUCHI  TOKYO - Japanese electronics maker NEC Corp. said Tuesday its net profit dropped nearly 78 percent in the October-December quarter, hurt by sluggish sales of mobile phones and personal computers.
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Sony Corp. on Thursday cut its operating  profit estimate for this business year by 31 percent, citing  sharply falling prices of televisions, DVD recorders and other  key products and weak demand for chips.
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Europe's top consumer electronics  group Philips PHG.AS cut the sales forecast for its  closely-watched chip unit on Friday and predicted much smaller  growth for the semiconductor industry next year.
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Declining oil prices and mounting safety spending sent BP PLC's fourth-quarter profit down 22 percent to a two-year low, the oil company said Tuesday.
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Flat screen maker LG.Philips LCD Co Ltd  (034220.KS) reported its highest ever quarterly profit on  Monday, rebounding from a year-ago loss, and predicted 2008  profitability would improve from 2007.