International. Philips Electronics was very pleased with the results achieved in the second quarter of 2012, in which it reported higher than expected profits thanks to the good performance of its high-performance bulb division.
According to the company, its sales for the quarter rose by 5% to reach $5,892 million euros, while earnings before interest, taxes and amortization (EBITA) were $450 million euros, which contrasts with the $371 million euros achieved in the same period of the previous year.
But the most positive figure for the company was the net profit, which stood in the order of $ 167 million euros, when the previous year the company had suffered losses of $ 1,345 million euros.
Frans van Houten, the company's chief executive, was satisfied with these results but cautious about making long-term forecasts.
"The overall economy is not our friend, but we have seen some growth in Russia, the Middle East, Asia and the United States," the official said. Van Houten said he is confident Philips will meet its financial targets for 2013.
