Philips reports second quarter fiscal results

Philips has published its financial results for the second quarter of the current fiscal year, during which it saw a year-on-year growth in sales in the face of challenging conditions.

The company's sales total for the three-month period came to 5.2 billion euros (4.5 billion pounds), up by four percent in comparable terms, which was attributed mainly to the strength of its healthcare division.

Its consumer lifestyle unit, which incorporates its offerings for the dental market, was noted as showing growth across almost all businesses, while investments in efficiency and operational improvements were also made.

Frans van Houten, president and chief executive officer of Royal Philips Electronics, expressed confidence that it is on a trajectory for improvement in future, despite the impact of external economic issues in the last quarter.

"We are taking necessary steps to improve performance and we are confident in the prospects of our portfolio," he said.

Last week, US business expert Jim Andrew became the new chief strategy officer for the electronics and healthcare firm, a role that will allow him to spearhead innovation initiatives.