Philips underlying 2018 profit higher

The Hague: Dutch electronics giant Philips said Tuesday its 2018 headline earnings plunged more than 40 percent, reflecting the disposal of its lighting business, but underlying profit rose while sales were steady.The company, which is focusing its business on medical equipment and services, said its full-year net profit was down 41.3 percent at 1.09 billion euros ($1.25 billion) on sales of 18.12 billion euros, up nearly two percent.

Philips said however that 2018 net profit on its continuing activities jumped more than 27 percent to 1.31 billion euros. "We achieved our objectives for the year," company chief Frans van Houten said in a statement.