Philips experiences sales growth in third quarter

Philips has published its financial report for the third quarter of 2011, a period marked by solid growth for the company.

The electronics manufacturer's sales total for the three months came to 5.46 billion euros (4.78 billion pounds), representing a comparable sales increase of six percent year over year.

Healthcare products experienced a seven percent jump in sales thanks to the strength of the company's portfolio, with Philips now seeking to further assess the current economic conditions to judge its impact on this sector.

Frans van Houten, chief executive officer of Royal Philips Electronics, said the company is also progressing well with its ongoing initiatives to become leaner and more entrepreneurial.

"We are taking the right steps to achieve our 2013 mid-term financial targets," he added.

In August 2011, the company demonstrated a number of its newest innovations at the European Society of Cardiology, including the HeartStart FR3 defibrillator and the Philips Heart Navigator imaging device.